Wednesday, May 13, 2009

No Need To Wait

I said the last two days to wait for a close below 895 for confirmation. No need to wait. The 895 close number was the first clue. But with retail numbers coming in lower than expected, that is the #4 confirmation clue (that I did not include in the list, but mentioned) and with that confirmation, I am good with re-entering short positions as confirmation of the down move.

You may want to wait for the bulls to try to buy into this dip. Perhaps the market gets back up to 895 before heading down again, but we should open around 890.

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