A few % thoughts..
These are eyeball approxs.
If COMP stops at 1907, that's a 10.7% move in 5 days
If COMP stops at 1925, that's a 11.7% move in 5 days
If COMP stops at 1960, that's a 13.7% move in 5 days
Looking back at the huge Sept. move, I found one "short, sharp, without significant up stretch" that acheived 13.7%..
I found a couple that acheived 12.3%..
And one at 10.8%...
On all 4, the COMP then retraced a good 60,80, 100 pts. over next few days (after the short, sharp up moves)....
Conclusion: Hell if I know, but a decent odds short would appear to be in the 1925-1960 range (maybe take one position at 1925, one at 1960)....and for the more risk friendly....looking at nailing a top at the open (around 1907? or between 1907 and 1925)..
I'm still off the mind of quick covers however, we had key outside reversal on Naz yesterday (usually bullish)...until the down-channel is re-established, no sense being a hero..
I'm torn here...too late to buy on this move (today I mean, not after pullback perhaps), IMO.. |
