Tuesday, August 7, 2012

First hour is in

With yesterday being a narrow range day, we have to watch for a first hour breakout/breakdown that actually catches some momentum to see if we have a trend day

currently, we are at the highs, so a breakout is more likely than a breakdown, but for aggressive Bulls, the question has to be whether it will stick or not.

So far, the only shorts that are trapped are the ones that sold the open, the 1400 (basis the S&P Futures) sellers have not been punished yet, but another have the late to the 1400 party buyers.

It's another chopperific morning, but as I said in my video last night, I'd rather see a morning consolidation and then an afternoon expansion in volatility.

Of course, what I'd rather see is not what happens, sometimes the market doesn't get my memos!


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