Sunday, May 9, 2010

The Danger Zone

Lots of bears are predicting a run up from here. The SPX does look like 5 waves down, so a bounce up is not undeniable. The boneheads who calle themselves financial managers may be high 5'ing each other as they BBQ over the news of the latest bailout in Europe.

Euro gapped up huge...based on extreme money printing planned for the Euro zone, defaults will just be delayed. I shorted the gap up.

Also shorted ES (SPX futures)based on gap up to exactly the Daily Person Pivot. So far so good. Stop is set just beyond the PP.

"You can't be a contrarian just be being wrong."

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Insightful and Useful Comment!