Monday, April 12, 2010

04/12 Morning Assessment: Sideways (Down)

Ok, I might be biased, so take this with a grain of salt as they say. Quite honestly, Today’s price action looks weak to me, it is around 7:20 AM, I’ll wait a few more minutes to see how it develops. But here is my reasoning (so far): We went as high as 2000 overnight, and completely faded that move, we then traded bellow an ascending trend line I have on my charts, tried to go higher but faded again. FinViz is dark, not a lot of green on it, and VerticalSolutions is not too bullish either.. What would prove me wrong? A break above the 1998 area on /NQ; What would confirm my assumptions? A break below 1987 (target 1980) on /NQ.

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