What do you see in the chart below?
Since it is “May”, I like to call it a dead cat bounce for today price action; but I’m sure other will see it as an imminent reversal to the upside. It is all depended on whether the 136 support will hold or not.
Truly, at this point, I rather play safe and sit on the sideline. If I short, the imminent reversal will spank me silly; and if I long, the conclusion of the dead cat bounce will also spank me silly. What to do? What to do? Oh yes! Do nothing. I prefer to sit on the sideline and let the market tell me what it wants to do next by either crossing the 136 line to the downside or upside.
Just for fun, I dabbled in SKF since JPM is such a bad bad boy!
Good Hunting!
