I don’t doubt the market’s ability to just keep going straight down here, just like it went straight up, erasing all the recent gains. However, my money is on a bounce.
I am focused on the red and green lines. Both are at levels that precede a bounce.
The red line measures the number of stocks trading above their 5 day moving averages. The green line is a decliner’s indicator.
Technically, we look good for a bounce. Fundamentally, with Italy and the Euro mess, who knows. Since I only trade the technicals, I am picking up some longs this morning.
Thanks. Good stuff.
Way to go Wood … is Fly the only blogger in cash?
hey , bought clne, 14ish lng 9ish, everybody says they want to decrease dependence on oil but make no effort because of lobyist for oil , but im seein light at the end of the tunnel , chk is helpin itself and the saga continues,
long COG and a couple other oil or oil services names.
so did you sell that brief bounce or are you still in?
Nah, didn’t sell. Still in. Will be holding for more strength.