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Thursday, February 18, 2010


Addition 4:55 - Or we might just break down right here :)


Do a shot when we get to the 50 day MA!
Do a shot when we get to 62% retrace of Minor 1!

What do we have? Drunk bulls and the bears are saying "You don't have to go home but you can't stay here".

From earlier today (Count):

Few options still in play. I think they point to a slightly higher move coming (It doesn't really matter to me though. Like I was saying a couple of days ago, I am short and whatever volatility the end of OPEX was going to offer, I liked the risk/reward for staying short here).

Check. We did get the higher move. Check. Yep I am still short.

I am expecting a peak of some sort tomorrow. Followed by a strong move down on Monday. If that doesn't materialize then I will reconsider my position. But I still do not mind being short here based on the low volume and lackluster internals of this rally.

Here is how this move might materialize on the E-Mini

Kissing the 50 day MA. I expect tomorrow we will move above it briefly, but I would be very surprised by a strong close above it.

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