We are barely making 50% retraces on the 1 minute chart to jump on the long bandwagon for scalps.
I am sure plenty of permabears will seek shorts at these levels: let's if the 4300 line holds at all, remember the triple top calls I was making back in May? In theory, the 4300 line should now act as resistance, but we have seen this penetrated to the upside already.
Best chances are to look for weakness close to 4300 for a quick short and/or be on the lookout for strength IF (big if) we retrace down.
I am staying flat for now.
Wednesday, July 15, 2009
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