We have definitely been here many times before, where a morning gap lower in the market appears to be ushering in a deeper sell-off, only to see dip-buyers rally us back to green and trap bears.
In order for this morning’s push lower to amount to something more serious, even on this summer Friday I believe we would need to see a “trend day” lower of lower highs and lower lows pretty much the whole way down. I continue to look for shorts and longs which are working inside 12631, still short Home Depot, among a few other positions.
Also, for a quick intraday trading idea keep an eye on this Amazon 5-minute chart pennant forming and you can play a break.
____________________________________________
If you enjoy the content at iBankCoin, please follow us on Twitter
The pics your able to find…
haha thanks
+1
You still holding your GMCR short? Or did you close that out inside the #12631 a while ago?
I was out of that quickly. Took a gain on 1/2 of it and a loss on a 1/4 add I made to it.