Friday, June 5, 2009

Stopped out and Re-entered; June 5, 2009

I was stopped out of my S&P trade right at the open but the market was sold off hard immediately. So I re-entered my short position on the rally later in the morning with a stop at today's highs. Internals look fractured and weak. Monday should bring us a selloff. I'll watch the structure and intensity of the selloff closely to try and determine if it's just a minor pullback, or if it's the beginning of wave 3 down to armageddon.

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