(for details pls visit www.OptionPundit.net)
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.
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
Leave a Reply