Just to update positions holding
FNM short @ 29.60 now 29
INFY short @ 42.60 now 41.50
GWW short @ 77.40 now 74.70
OIH 180 puts @ 8.75 now 10.80
Thursday, February 21, 2008
wow 23% in a day
OIH puts up 23% since 10am today. I am holding these I think it is worth a double at least..
Thursday's Plan
Yesterday was yet another absorption day for the markets as a big gap down at the open quickly faded and filled the gap. The buying pressure picked up through the afternoon, but despite the strong buying pressure we have yet to breakout either way on the daily market charts. Nevertheless, it’s another notch for the bulls as we keep score in the battle between bulls and bears. We can still go either way, however, and I am still leaning to an eventual downside break despite the fact we seem to be in no rush to do so. The strength of the preceding push down to recent lows just seems to be too strong to me to ignore but it doesn’t mean we won’t see another leg higher first.
As far as Thursday goes, I would look to continue the recent trend of gap fade if we open higher or lower today. If the gap is narrow, I might look to fade any momentum that exerts itself. Other than that we will have to see how the day unfolds and see if we can get any reconciliation on the daily charts.
As far as Thursday goes, I would look to continue the recent trend of gap fade if we open higher or lower today. If the gap is narrow, I might look to fade any momentum that exerts itself. Other than that we will have to see how the day unfolds and see if we can get any reconciliation on the daily charts.
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