By Sell Puts
Based on the chart to the left one can hypothesize where we might go in any number of ways. For me, i am at a loss here, i see we have broken through out 100 day SMA, the purple line, but we did so on lighter than normal volume, this could indicate program buying. or it could indicate a possible quick squeeze for a sharp pullback on Monday to correct the technicals. I am still bearish but Monday is going to be a key day for swing traders and the like, stay focused and remove emotion from this trade. I know a lot of people are full of excitement, the market is rising, it will keep going! NOT, but maybe. If the market pivots on some shitty news, flip the trade around. Since we are not fortune tellers we cannot see into the future, lets just shoot for a 51% success rate at calling the direction.
Article on Program trading over @ Goldman Sachs http://tinyurl.com/cmgofx
Article on Chinese drywall used in the housing boom causing problems http://bit.ly/4ebOCH
Drumbeat: June 2, 2012
5 hours ago
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