31
Mar
stored in: Technical Analysis and tagged:

spx

I wish I could had a better read on where the markets are heading tomorrow, but to be honest it’s a coin flip. You’re basically pitting short term strength against long term weakness and right about now I can see a strong case for either to win. I would lean a little bit more on the bear side right now as it seems like we’re ready to start a new leg down as we’ve stalled near RSI 60, but this market has a tendency to whipsaw. I would be careful about getting to short crazy and scale into new positions as the market provides decent entry points.

Earlier today I scaled back my short etf’s 50% and will let the rest run emotion free, setting stops at my entry points.

3 Responses to “50/50”

  1. shlick Says:

    It's also the last day of the month. This day and probably more so in these markets is a day where mutual and hedge fund managers try to skewe their end of month performance by picking up share's or shorting. This can make the last day of the month trading very choppy and completly unpredictable. I'm choosing to paint my bathroom today and stay away from my computer.

  2. jeff watson Says:

    I find that predictive calls are a tough thing to attempt, and that's why a real strong defensive game is as important as being right. I'm usually wrong in most of my calls, and it's my defensive game that has kept me from being taken out on a stretcher.

    Jeff

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