Thursday, July 9, 2009

Play for Thursday, July 9th

As predicted, yesterday we broke below the 4170s and found resistance again in the 4130s (or slightly below).

We are currently quoted in the 4150s on the bid: a potential area to look for weakness is the 4150s to 4170s.

Alternatively, if we do rally for a larger retrace up, the final area of resistance would be the 4230s to 4250s, with the 4200 line before this.

I am still short and might adjust my stop either up or down.

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