6/29/2010 premarket | Bulls on Wall Street

6/29/2010 premarket

 
 
 
 
 
goood morning folks.   Just as we have been expecting a nasty open is in the making.  As i mentioned yesterday a couple times… I believe we are drip drip dripping our way downward into a break of the Flash Crash lows.  In my opinion it is imminent.  Except for Friday where I was doing some heavy daytrading in an oil run I have been 80% cash for weeks.   @urbanryno has been basically 100% cash for over a month.  heed those warnings.  Use smaller position sizes for the time being.   there is no excuse to be losing money here.  We will daytrade if we must take losses we will make sure they are small
 
futures point to a not so good open –1% a bit more.  Europe was down 2% due to strikes in greece and spain and the closing of some ECB facilities. Also bad economic news out of China and Japan.  Oil getting hit hard $uco down 6% premarket.
 
 
This is a pretty big gap down for an open.  It is not a good time to short after such a gap down.  usually the gap will fade or fill partially which is when some shorts maybe initiated.
 
 
$spxu $bgz $rig $drq $tza $drv all in play on the shortside 

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