Mid-Day We Are Off The Highs – Another Shooting Start Forming?

May 20th, 2009

The markets are off their early morning highs. Looks like there could possibly be another shooting star pattern forming under resistance which is a great sign for us bearz. If this holds throughout the close – especially if we close lower again today – then it would be fairly safe to say that we are headed lower into the end of the week. Still, it’s lunch time on Wall St. and the activity won’t pick up until this afternoon.

 

I have to say that I have been reading a lot of other blogs out there to get a sense of the sentiment and I have been very surprised. Basically what I am finding is that most traders are “giving in” to the bullz. Many have said that they are going long simply because they are not patient enough to short or wait for an appropriate pull back/correction. All in all this exactly what I am talking about when I tell suggest not letting your “greedy” emotions come into play. Yes, in general the markets are moving basically sideways here over the last week or so, but it does not warrant going long “just for the hell of it.” You can be certain that letting emotions get the best of you is a ONE WAY street to going broke as a trader…

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