Another down day in the making

(for details pls visit www.OptionPundit.net)

Fasten your seat belts once again. Asia was broadly lower, shall I say sharply lower? Hong Kong down nearly 3%, Nikkei down over 2%, Singapore, India both over 1.5%, China about 2%, FTSE over 3.5%.

There is surely another down day in the making and hopefully we’ll have some nice opportunities when we start next week. I am over 55% in cash in looking forward to this correction, if I may say.

Countrywide (CFC) has give an unprecedented warning and stock is down about 15%. Something you don’t wanna miss for a bearish play (52wks low is 23.64 and I am quite positive about its opening below that). Is it another bankrupt in the making?

Looking forward to it, Profitable trading, OP


Posted

in

by

Tags:

Comments

One response to “Another down day in the making”

  1. OptionPundit Avatar

    it didn’t open below the 52wks rather it found support at $25. Based on 10yr chart, 25 still shows pretty solid support. Once broken, it may touch $22.5 without too much fear. Cheers.

Leave a Reply

Your email address will not be published. Required fields are marked *