Just to make it clear, oversold only means that we have approached a bounce zone and is not indicative of any bottom by any means. It only means the sword catchers have a higher degree of success. It is important to understand that after a deep selloff like this, the nervous players will cause multiple retests of the bottom before we can fly higher. So countertrends are still very risky, unless one is scalping. I have no buy signal yet on the hourly charts yet. But i may try some kamkaze countrend trades today with tight stops. No overnight longs for me absolutely at this point.
Also note that in the last 2 days, the VST, ST and IT pivtos have all been broken. In my system, now the IT trend is down
Edited by NAV, 08 June 2007 - 09:25 AM.