well lets hope we are both not wrong. its a weird mix out there in chartland. spx/dow/tran/rut/bkx all look pretty good. the nas/ndx/sox/btk not so good. the daily sto on 14,3,3 (the settings i use in all daily charts on header page) allow for a bounce, but imo it should be nothing more than a day or two, then the downtrend (by my definition) should resume with much more authourity at least as far as the non techs are concerned.
im a trader. as a trader, i should never zip up either suit too tight. for that reason i am forcing myself to play a portion of the account countertrend (now up) and a much bigger part down. granted i have a large long positon now, but felt risk reward was right and like i said last night, japan is an isolated trade taht just happened to occur when i had another long trade in my sights. also my recent shorts have been light as i wasnt convinved that the downside warranted a full position.
we are still in a zone where we could go up pretty good. i think it is unlikley we hit the highs from monday, but am open to it.
next week shall be interesting.
good luck to us both,
steve
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