Matthew,
Honestly, I try not to prejudge which direction things are going. Its hard enough to remain unemotional and unbiased as it is, so all I do is look for support, resistance, major patterns, and things that "other" traders will be looking at, etc and try to prepare for moves in either direction. And as you know, patterns change and morph right before us, so its important not to get convinced that "our way" is "the way".
When a pattern that should resolve in one way fails and resolves the other way, the resulting move is often quite intense.
So, suffice it to say that if the bearish character of the market (and VIX plays prominently here I think) is killed off on Monday, the resulting move I would expect to be pretty substantial. But whatever -- to me it doesn't matter from a trading perspective, as I trade on 5 minute bars so I'll be in and out, perhaps numerous times, regardless. All I ask is that the market trend...
Speaking of VIX... watch it Monday. If it continues up, the market has a high likelyhood of heading lower.
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Cheers
Mike |
