Sunday, November 1, 2009

Week in Pre-View

Short term trend is down, Intermediate is down.

Many long term trendlines have been broken.

Mutual funds are leaving the market at a fast pace.

Gold miners have been pounded, they will probably bounce.

Silver bounced big against my futures positions,

HBB is distributing stocks to "retail", but even retail is backing off.

There is a decent chance that stocks will bounce up, just based on big selloff last weekend. 

That said I am short futures on S&P at 1041.25 with a stop at that same price. Small position of 3 futures, however, based on recent erratic market action, this small position size is OK.  

Let us let the market tip it's hand before we get all gonzo short.

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Insightful and Useful Comment!