The 3rd touch of the morning low, odds now favors a breakdown. I'm still not sure though, look like a typical consolidation day for me, so even does breakdown, may not go far.
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AK84 wrote:
Why do oyu say Double top is unlikely so far ? Just for my educational purposes. Coz I was looking to short around 240
No evidence so I said "unlikely SO FAR". Personally, I won't short this one because trend is up, it's hard to time the top.
Yes I shorted a week ago and wish I had not.The next day it gaped up.I got burned but I will short again because when it moves it does so fast. It may not be time to short at this time.
countryboy wrote:Cobra, I was intrigued by your chart showing the 16 out of 19 months "short at the last 3rd day close"...? Is the last 3rd day three days before the 1st of every month... or three days before the last day of the month ... or something else?
Sorry for my brain fog.
That's tomorrow at close.
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VIX number to watch 21.77, trades above this number could bring back fear into town, not Bulls friendly. just something to look for. what's interesting as far as internals indication, vix only trade one tick below 200ma the whole day that said alot about end of month windows dressing. BUY the DIPs is still on so far.
My comments are for entertainment/educational purpose only. NOT a trade advice.
very boring day. I think a little breakdown is more likely.
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Cobra wrote:very boring day. I think a little breakdown is more likely.
Cobra,
What are your thoughts for tomorrow and the rest of the week? I would love to know before the closing bell so we can position accordingly.
Thanksssss as always!
I still believe we'll see a pullback of some kind this week, but I don't recommend shorting yet because for so long that any bearish bias simply doesn't work.
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Breakdown finally. Support is the Friday's pullback low.
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here, we could have a small Double Top here. Target as shown in blue box. For now, I don't see anything serious on the downside yet.
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Well, I guess that's it for today, we might see more weakness tomorrow morning but so far nothing serious and there're chances that today's high will be tested later. Thank you guys, I'll see you tomorrow, hopefully an interesting day...
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Cobra wrote:Well, I guess that's it for today, we might see more weakness tomorrow morning but so far nothing serious and there're chances that today's high will be tested later. Thank you guys, I'll see you tomorrow, hopefully an interesting day...
VIX number to watch 21.77, trades above this number could bring back fear into town, not Bulls friendly. just something to look for. what's interesting as far as internals indication, vix only trade one tick below 200ma the whole day that said alot about end of month windows dressing. BUY the DIPs is still on so far.