INDEX UPDATE
--------------------------------
Short-term technicals on all of the HiTechs indexes are now in the oversold range, and that is for the very short-term(1-3)days. Many of them are CLASS 1 and CLASS 2 buys (long position). Not considering the economic numbers which have not come out yet this morning, if there is an upswing, it will be small and short. This mini upswing if, it happens will only be part of the bigger pullback, with the first support area at 8200-8300 range.
The NEW HI/NEW LOW ratios have decreased substantially and all the moving averages of such (2,5,10,20 days) are all heading down, which is indicating that this pullback is not over even in light of a upswing over the next few days.
Originally, I had indicated that the pullback to start MAR 11-13, then moved it up to buy-in days for PUTS to yesterday/today. I mention that since my technicals now indicate that MAR 11-13 will be the strength of this pullback.
I did read Lastshadows update and my analysis is coming up with very similar conclusions.
The futures right now are slightly up, but unaware of the fair cash value. What may change the timing is news.
This is not the time for long positions unless one is very nimble and playing intraday/day trades. Upswings should be taken as opportunities to initiate PUTs.
Happy trading,
Seeya |
