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SharePlanner (< 20)

I Would Hate To Be A Bull Right Now

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5

June 09, 2010 – Comments (5) | RELATED TICKERS: DIA

he bulls had everything going for them today, and what did they do? They blew it! My portfolio was seeing red all over the place, and instead, I managed to break even on the (would have much rather preferred to have finish in the green - my portfolio didn't do overly well today in comparison to the sell-off we got.).

The candle that was formed on the charts spells nothing but bad news for the bulls, as the candle today and yesterday formed a nice bearish piercing pattern, followed by a candle today that was a doji with a long upper shadow. Not the best combinations by any means.

Made one trade today around noon, with the Dow ETF (DIA) at 100.61. I'll post a chart in a little while.

By the way, hope you all managed to take advantage of some of those short watch-list posts I put out earlier today. The rally we got early on was a perfect opportunity to load up on a few of those listed.

Here's the S&P Chart from Today. 

5 Comments – Post Your Own

#1) On June 09, 2010 at 7:37 PM, Momentum21 (93.99) wrote:

Mr. Euro is driving this bus my friend and is about to be thrown off by the Chinese Bull who comes in well-rested.

The only piercing pattern in the coming days will be located across your Bearish Doji. My candle will be sporting a very long shadow in the wake of this event. 

: )   

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#2) On June 09, 2010 at 9:01 PM, biotechmgr (35.07) wrote:

I follow a different system, yet I agree completely with your outlook. This is a very bearish pattern. And another service I use for a complement stated the very same bearish potential.

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#3) On June 10, 2010 at 12:08 AM, Momentum21 (93.99) wrote:

I asked my system about this bearish potential and all I got was "ask again later" so I think you might be correct. My system does not like to disappoint me. 

 

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#4) On June 10, 2010 at 9:26 AM, SharePlanner (< 20) wrote:

Great minds think a like folks - don't be too discouraged by this morning's bullishness heading into the open.

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#5) On June 10, 2010 at 2:01 PM, Momentum21 (93.99) wrote:

I would hate to try and day trade this market right now. The trend is down until it is up...and vice versa of course.  

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