Dow struggling for 13K

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The DOW is down over 150points, all the gains that were triggered by one day rally on Nov 13 are almost gone. I have been mentioning over and over again and shall mention again, watch out 12,800 area. If it’s broken, welcome bears (for how long, I don’t know). Citi downgrade by Goldman triggered sell-off today. Markets need to find one reason or other to blame it, but the truth is, there hasn’t been a single great reason so far that could trigger a follow-through.

dow-13k-nov-19-2007.png Just look at the intraday chart attached and see how tough the fight is between bulls and bears. Bulls are trying very hard to protect 13K territory. I am not trading this month (except few occasion for intra-days) so I don’t really care what happens. If it breaks lower, good, value will emerge to utilize cash. Chill Out!

Trade carefully, trade profitably, OP






2 responses to “Dow struggling for 13K”

  1. Vlada Avatar

    How do you see generally recent sell off. Do you think is it beginning of bear?

  2. OptionPundit Avatar

    Dear Vlada, I try to interpret market action. If it closes below Aug 16th low, then Yes. I am not sure how long will that last, but yes I will be bullish for bears.

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