News headlines are looking awfully bleak this morning. I said yesterday that I expected some follow through to the downside this morning and I'd take profits when that happened. Well that's exactly what we got, and taking profits seems like a good idea with these gloomy headlines above. I'd still keep some position on short, but I'd trail the stop down with the market. It's approaching oversold on at least a short term basis pretty soon.
Bottom line: The market has fallen so much so fast that we are approaching oversold on a short term basis. When you combine that with the gloomy news headlines we see this morning, I'd like to take some profits here to protect gains, and then trail my stop lower as the market heads lower.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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