Re: Play for the bounce... if only we had unlimited trades again
Originally Posted by
clester
Ok, maybe we make it today. I think the relief rally will continue through Labor day. Markets usually go against trend around holidays. Expectations for economic numbers are low, so any positive signs could help rally. Sentiment is very negative, so that's a positive. We need the EU to be quiet.
The problems will start again when congress gets back and in the news again. Probably a good time to sell.
IMO.
If we were able to get above 1206 or so and make a new near term high, I think there would be huge short covering. Light volume this week should help the bulls unless EU rears it's ugly head.
I would be surprised if that happens today, but maybe soon. There will be some resistance around 1200.
100 G
RSI - Relative Strength Indicator DMA - day moving average
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