Thursday, September 4, 2008

Morning Action - Well Bearish 09/04/08




Thought that there may be a chance for a reversal after 1000 ET, but the market is just too bearish. $TICK momentum on the 5 minute chart turned red at 0945 ET and stayed red. The long term moving average on the 1 minute chart also dipped below zero at 0945 ET and stayed below zero. I did make a profit on a long position, but got out quickly since the action to the upside felt weak. My bigger gain was a short position, of course.
Charles

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