Friday, February 11, 2011

Potential Topping Point Today at 1327 ES

Too early to tell, we need to see how the day closes. But Shorts here at 1324-1325 make great entries with low risk. Could still be a final shake-out before the end of the day, but I am expecting a market reversal. If we close today above the current high, this viewpoint will be negated.
Posted by Verde at 1:24 PM

3 comments:

  1. VerdeFebruary 11, 2011 at 2:44 PM

    We'll have to wait and see how the day closes now as the market has made a new high. Even if ES trades to a higher close, a reversal is very close.

    ReplyDelete
  2. AnonymousFebruary 11, 2011 at 4:05 PM

    Not sure what to make of this close Verde... But hey, that's the way they like to leave it...;-)

    Have a nice weekend!

    Vis

    ReplyDelete
  3. VerdeFebruary 11, 2011 at 4:26 PM

    Well the Bubble Inflation Committee (BIC) was at work today propping up the market. A private source informed me that additional QE (off the books) is allotted to fund the BIC as well as the Plunge Protection Team. I applied for a job on their trading desk, but was informed I am too bearish... I'll just have to stay with WeTheTrader... :)

    But seriously, have to wait until next week to see what unfolds. Bullish close, but reversal opportunity looms.

    Will do analysis over the weekend and post my thoughts on Sunday...

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