Possible Flip Flop

Only 45 minutes after my BOT short call signal I might have to flip flop and negate the signal.  It all depends on how we close today.  In a previous post I indicated that a close under 1120 on the sp500 would slip the market quite bearish.

So far today the weakness is moderating quite a bit.  If we close slightly up today or only 1/2% down then it could potentially be another bullish continuation signal.

The 9/20/2010 breakout day was an important breakout.  The problem is that it was not on convincing volume.  So now we seem to be doing the typical retest of new support which so far is holding.  So if we close slightly up or only very modestly down today then it may be a sign that we successfully tested new support after the initial breakout.

1120 is still key.  I am keeping the BOT Short signal alive for now but I might have to do a complete flip flop by the close today or sometime tomorrow depending on how things settle out.

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3 comments on “Possible Flip Flop
  1. JR says:

    Today’s action.
    It looks like the algorithm boys psyched out the tech guys again. The opening looked quite bearish. In rush the bears and trapped again!
    I sold RAX bought RBCN when it was obvious that the it was a bear trap. And then closed my position in RBCN with a nice day profit. Can’t complain about RAX. Missed the little pop, but got a nice one with RBCN.
    If 1130 hold will come back in RAX.
    This market is really weird.

  2. bobo says:

    just admited yu have no clue! but still enjoy the info

  3. RiceToaster says:

    Market’s not weird, it’s rigged! Just take the profit when you see green because it might becomes red at the blink of an eye.

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