I was unable to trade today (disappointed that I missed that textbook spring off of the lows) but I was expecting that today might be the start of the return to the recent highs.
If today was the start of a strong rally, then it was a pretty weak start.
Today's action was not impressive--it would have been a bear hook, except for the lower close. In other words, the action was weaker than that characteristic of a classic short-term trading pattern. An open below the close is bullish when the range is large and the close well above the previous close. Today was neither: narrow range, and tepid close.
I'm closing out the contracts I bot at 29 and will get back either lower, on a reversal; or higher, when the strength comes back. No way, though, am I shorting this dull market out of the expectation of another crash.
If today was the start of a strong rally, then it was a pretty weak start.
Today's action was not impressive--it would have been a bear hook, except for the lower close. In other words, the action was weaker than that characteristic of a classic short-term trading pattern. An open below the close is bullish when the range is large and the close well above the previous close. Today was neither: narrow range, and tepid close.
I'm closing out the contracts I bot at 29 and will get back either lower, on a reversal; or higher, when the strength comes back. No way, though, am I shorting this dull market out of the expectation of another crash.
