The markets are technically overextended, so a minor bounce in the dollar and some weaker than expected data, gave rise to some profit taking. Most of the selling occurred in the first hour, after which, it was a slow drift sideways as OPEX came into play.The trendline from the 2007 highs to the May 2008 retracment as depicted on the SPY chart below, is in play ie. providing resistance.
As noted above, stocks sold off sharply in the first hour, but sort of drifted sideways thereafter. Good low risk setups were hard to find, but I did spot a nice bear flag on GS and this bearish h pattern in ESRX.
Minor setup in RIMM - Ambush play - 62% retracement of the last leg up.
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