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Not gonna pick an IT top but....


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#1 Cirrus

Cirrus

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Posted 28 February 2012 - 11:10 AM

See this psychological pattern a lot in individual stocks....nice quality uptrend and pause followed by a quick surge. Then you get a reversal for a while. I think we set up a short in the general market in the next two to three days. I am LONG right now and selling a bit. If I get the right setup my plan is to play my hunch with a large index option position. Also note that all the smarties who shorted the high volume AAPL reversal bar are getting stopped out if their stops are set at bar high. If I had to call the setup I would want to see today and tomorrow up with a 1 Mar big gap up openning....but it isn't going to happen that way. This market has been very strong without bonds selling off. FWIW I think there will be yet more upside in store after any correction. As always, trying to go with the market action and not act on "hunches". Right now you have to be bullish. Internals have corrected and reset nicely with no deterioration in price on the major 3 indexes (SPY, QQQ, IWM). That could set the stage for a surge, here.