Great Day For Shorts – Again, Trading Isn’t Rocket Science

June 3rd, 2009

Remember last night I had mentioned that I had those old fashioned “funny feelings” that something was going to turn in the markets. Here’s the POST. Well, surely enough we have started to slowly unwind here. More and more I hear and people talking about getting out of the markets in a BIG way. Not just scaling back, but all an all out retreat for the rest of 2009. Honestly, I could see things going this way if unemployment continues to rise. The trader in me would be extatic we did see new lows given the opportunity to short anything with a TICKER. But, of course the human in me never likes to see fellow American’s out on the street – never.

 

Moving on. The market’s opened up hard to the downside this morning and into the afternoon. But, if you had taken a look at the intra-day charts you would have CLEARLY seen huge support around 925 on the S&P. I had even made a POST during the afternoon to alert everyone about the possible mid-day reversal. Really, the bullz need to hold this level or else it’s down and away we go.

 

spx4

 

LLN is one LONG idea that is looking better and better. It broke out of the downward trend line in April and has now retraced back to a strong support level right about $30. If you go long here, just place your stops under the hortizontal support level.

 

lnn

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One Response to “Great Day For Shorts – Again, Trading Isn’t Rocket Science”

  1. The Bullz And Bearz » Blog Archive » Unemployment Claims Decrease - ECB Keeps Rates Unchanged Says:
    June 4th, 2009 at 5:52 AM

    [...] their jobs is declining. Naturally, the futures spiked before this open this morning. As I said in YESTERDAY’S POST, if the bullz are going to continue higher, they need to put something together right now while the [...]