MCHP is going to lose its support at the 200 period moving average on 5 minute chart. Its impossible to pick up gap ups on days like today. It was a day to sell the gap up and prepare for the crap. I was expecting the crap to come by afternoon, it came earlier!! All the charts last night before 7:00 looked like continuing shorts and new downside in the mortgage, building, and financial sector but then came the report from Iraq, and once again the "Paramecium" that is this market changes direction at any external stimulus without having to use its "brain".. One of the simplest forms of life, the paramecium reminds me of this market.. brainless, formless, soulless reacting to external stimuli only. You can learn strategies, but just as you can't bring a Paramecium to the intellectual level of a humanoid, you can't bring the market to move according to daily chart patterns.
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