Once again, we cannot confirm a market peak. This is because the candlestick form has a very low reliability of bearishness. It is indeed a bearish candle, not a real SHOOTING star but almost there.
The last occurrence of that candle is shown below (Circled). The market dip abit and continued running wild again before the ultimate crash.
I have protected my longs by purchasing some PROSHORTS SPXU. I will be looking at financials again. I think the mess will clear after BANK OF AMERICA reports its earnings next tuesday.
Still holding my long position on BAC and will add more at $12.50, $12.80.
FED will do their thing. Market may correct 5% from here if this reversal is confirmed.
1 comment:
dragon is not very clear to me this sentence because my english is bad.
I think the mess will clear after BANK OF AMERICA reports its earnings next tuesday.
Do You think that the problems begin with the BAC report?
You already have the positions of BAC are going to maintain and buy more at 12.80 and 12.50?
Thanks in advance
Yalo
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