Quote from gmst:
Satchel,
We had 3 attempts at 62 (as you said), and 11am bottom was higher than 10am bottom. We broke the morning high and have created fresh highs. It is not exactly V shaped, but somewhat similar (you were talking about it yesterday).
So, in light of above evidence, why still short ? Are all the above evidences not enough to negate your original short signal ?
Curious to what you think. Thanks like always
We are in a balanced market. If one were going to initiate a short, between here and 75 would be the place to do it. If one is to go long here in anticipation of a breakout, the stop should be relatively close IMO. I think satchel held on too long, but hey, what the F do I know? Not much compared to him, so we'll see. I would be cautious about a long at this point, at least I would not give it a lot of room.
