First of all I wanted to try GRZZX, which today did way better than BEARX and has been better for much of this year. This is in a 403(b) where I can only do mutual funds. Secondly, as we all agree, we will bounce somewhere and I just didn't want to push my luck; this is really getting to be ridiculously oversold and I can't trade intraday on this account. Third, 1252 is below the March intraday low of 1257, so we can expect this area to be contested. Fourth, we're in a fairly broad channel, with a lower bound pointing around 1200, but the upper bound is way up there, we could still get up around 1350. Fifth, I've been expecting the bounce to happen this week for a while and it seems likely enough that I'll take some chips off the table.
That said, I still think we're headed lower before we go up, but possibly only intraday. I wouldn't rule out a continuing string of down days towards 1200, but it's iffy enough that I'll give it a pass. If we do, I guess I'll go long, otherwise I'll just wait to load up on still more shorts.
So, what do you think from here?
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