That 2-day swoon killed off the bullish spirit, for now. Though valiant attempts will be made to recover, they are up against the Friday JOBS report that may renew pessimism, and then the Greek drama continues. However, I will not be short over the weekend.
This looks like a protracted basing pattern with good support from 1190 to 1220, so I expect the 1190 support to hold and then a melt-up to year's end. I will continue to build long positions in my favorite ETFs - FAS, EWG, EEM, and EVO. Maybe even USO since crude may hit 100 by December. AMZN, CSCO, ORCL, MSFT bull spreads.
Can't wait for that Groupon IPO to short the opening pop.
Unfinished business on the downside
Started by
dTraderB
, Nov 02 2011 07:51 PM
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