Tuesday, October 21, 2014

Oct 21 - Pinned bears

Exited SPY short in premarket and took another stab at 50% retracement at 192 which also was stopped out.  Looks like a lot of shorts got fried and the tape looks extremely bullish, very steady and minimum range.  We are very overextended for sure as it has more possible that the intermediate low has been printed.   Currently flat and waiting for consolidation/ pullback.  Many indexes near or around the 50% retracement and will be interesting to see how they respond.  $NYA one of the early movers to the downside approaching resistance zone.


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