Looks Like Consolidation

Today's action looks like consolidation to me and we might have carved out our range for the day. If the market breaks the bottom of the range, 1090 is the first level of support. If the market breaks out there is a lot of resistance starting in the 1110 area. I am sitting on my hands with very little risk on.

6 comments:

PJ said...

I still think 1103 is the upside cap, barring unexpectedly good payrolls data. We've bounced off that several times in the last two days.

I was early in putting my shorts back on yesterday, but they're all well into the green now.

Anonymous said...

LONG CPF @ 1.15

OL DAWG

Tsachy Mishal said...

The OL DAWG aka Gonads of Steel is back. Nice sale on PROV yesterday.

Anonymous said...

Thanks Dawg

Anonymous said...

Not sure what to make of it. Medium term I am very bearish, but yesterday's move was big-time deja vu of last October/November's turn around.

I should lighten up ahead of NFP but my fear of missing what I think is 5%+ down from here is too strong.

One thing about the rally off of October's low, once we had the inside day on Nov 3rd we made a new high on 6 consecutive trading days. It looks like today is going to be an inside day. If we don't make a new high again tomorrow, I will feel MUCH better about giopng into NFP short.

Good luck to all,

JD

Tsachy Mishal said...

I agree JD.

The longer it takes the bulls to surpass yesterdays high the more the odds start tilting in favor of the bears.