Feb 2 2010
February 3, 2010 by admin
| Weekly Trend: | __ | Flat |
| Daily Trend: | Down | |
| Daily Momentum: | Down |
The most important thing to understand here is that the market is currently in no-man’s land. Another strong session but this is too be expected with bulls thinking a new rise is underway. It may well be, but the short term trend in our view remains down so we take this strength with skepticism. The long term trend is mixed. If volume wanes in the coming week or we make a very clear 3-wave counter trend move we will be looking more aggressively at short trades for another leg lower. As mentioned several days ago, by all metrics the market is well oversold so a bounce here is simply unwinding that situation.
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