All....If you read my web site, you saw my note that anything but an actual rate decrease will cause the markets to decline, and if you have been following my posts here, you know I expected no rate decrease. Sure enough, the markets played out to the shorts favor as disappointment set in with the FED news. Gee...what a surprise...and Velo was there, loaded up on the best of shorts today in stocks that would probably suffer the most with the news...NUAN, MUSE, CHKP. The first few hours of the day offered some excellent entry points. It was also nice to see XXIA finally blow up today as was expected. Congrats to those who were short.
I am now looking to hit near my 2300 target that we mapped out about 2 months ago. As unlikely as it seemed, the charts told us it was coming. Look for more selling to occur into tomorrow, and remember...take profits often!!! Don't get greedy.
I am expecting some type of bottom to occur over the next few days to 2 weeks, so begin playing your shorts defensively. We should have some nice long opportunities coming up in a correction that should last a few weeks. After that...look for another leg in the decline, perhaps around spring time to early summer, that could take the Nasdaq to 2000 or below. This bear market is not over.
Good luck all and happy trading. I will be sparse over the next week.
Velo |
