It’s a nice bounce day, albeit a volatile one with lots of fucking bumps along the road. If markets splashed into the close and ravaged longs, would you be surprised? I didn’t think so.
Look at this technical patterns the past 5 days, not exactly one that instills a modicum of confidence.
I am gong with a bullish bounce, not because I am super bullish per se but out of reflex. The market has been oversold and usually those conditions warrant some mean reversion. Now if I continue on a cautious or bearish scheme and markets rip higher, I will quite literally want to toss myself into a vat of acid and call it a day. But if markets trade lower and I lose some money, I could at least say to myself “Fly, you’re an idiot, but at least you followed a plan.”
If you enjoy the content at iBankCoin, please follow us on Twitter
