mid day update 8/11/2010 | Bulls on Wall Street

mid day update 8/11/2010

 
 
 
 
 very tempting to go and buy this dip….but unlinke the other dips… see hwo we gapped down. we havent even had a light bounce yet.  there is a ton of selling pressure.  its one of those things it might be a bit too late in the game to short just now…and might be too early to start loading up because we still look like we could go further down.  The feelings and sentiment out there is very ugly which is the one positive of this.
 
We have broken major support in the indexes.  typically after a major support is broken there is a light low vol bounce back to the breakdown.  if that happens ideally that is the time to add a few shorts
 
As we have said for 2 months..we are in bear market trading so be careful and trade fast.
 
OIL looks crazy weak too. We might have a shorterm top as oil in the 80s is really the top of the range.
 
 

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