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Cobra wrote:Huge gap up above yesterday's high so chances are the gap won't be filled and very likely a trend day today. The Global ES looks promising, double bottom, back test with higher low then strong breakout, so there're some chances the rebound would go much further but we'll have to wait and see of course. A reminder, SPY dividend today so I'll use SSO to comment.
"I think the bottom would be in only by the end of the month."BBFinance wrote:Good Morning Cobra & Gang,
My last comment of yesterday was:
"Re: 06/16/2011 Intraday Watering
by BBFinance » Thu Jun 16, 2011 4:04 pm
To prove my theory of manipulation, tomorrow they will push the market way high up. May be SPY near $ 129/$ 130 range. "
And it seems we are going to get one. But as Phil would love to say ( possibly) its a fake fake fake rally.
I think we would see a lower low and there would be lots of blood and pain in the market.
Everyone will pile on the long side today and next week they will tank the market.
I think the bottom would be in only by the end of the month.
either trend up or trend down, we'll have to wait and see. we'll have the 3rd push down, may or may not today. trade what you see, personally i'm very glad to trade against my forecast because that's usually the right direction. I don't mean i'm often wrong which obviously i don't, i just mean be ready to change your plan according to the market, after all the only one always right is the market. for now i still think there'll be a 3rd leg down, but i'm ready to change my view at any time.oldpigwang wrote:"likely a trend day today":
U mean up trend day with no 3nd leg down push?