Today's early action should be interesting. Frankly, if we get a decent size gap either way I think its a worthwhile fade. 10 am rule should also work nicely today. We should get some whipsaw action. I think the best setup would be a gap up, sharp move down with a large volume capitulation and then rocket UP! Will that happen? Well, its a fantasy right now, but I think if we don't get that capitulatory near term move down then we are likely to have trouble sustaining any real upside here. As I write this futures are slightly positive. Flat open is the worst of all worlds and I'd then sit on the sidelines, use 10 am rule and see which way they decide to push us. I think this week should be EXTREMELY volatile and offer PLENTLY OF PROFIT = Ka-chingos!
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Michael "Waxie" Parness
1 comment:
Gap up, sharp decline, and then back up. The market has done exactly that today.
You're freaking me out a little.
I wish you would post your thoughts on the currency markets.
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