Ratan,
I still need to recheck. Except at the open, most of today had an upside momentum, but only to be killed by the large sell program(s) at the end of the day. Therefore, I am concluding the there is still some dip-buying mentality out there, although nowhere as strong as it use to be.
The NAZ is now a CLASS 1 BUY to the upside and the DOW/SPX/OEX just entered the oversold region and could even be a CLASS 2 BUY (need to check when the charts are updated). Also there is a strong support line at 8750; although not as strong or important as the 8570 support line.
In light of such I am suspecting a bounce after tomorrows lows into Wed and possibly Thur. This bounce should not last long, and should have a maximum upside resistance at 9000-9050. I do think that this bounce should be good for about 75-150 points, as for getting back to 9050, not that sure about that.
In other words, feel we will have another chance to initiate PUTS.
Thereafter, we should head back down by Thur/Fri and retest the 8750 support and break it and then to test the 8570 support line by early next week.
The other possiblity is that we break right thru 8750 and test 8570 within 2-3 days.
I like the idea of a bounce first, so I can initiate my damn PUTS ggggggggggggggggggggggg
Seeya |
