Monday, August 17, 2009

08/17/2009 Pre-Market Briefing

OK, looks like we’re going to gap down below the Friday’s low so my speculation for a green close is very unlikely now. General rule of thumb, if such a gap is not filled until 10:30 and after 10:30 it has a new intraday low, then statistically it will be a strong down trend day and eventually CLOSE < OPEN, i.e. don’t expect an intraday reversal. So be careful buying dips.

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4 comments:

  1. Me XManAugust 17, 2009 at 9:08 AM

    Shorts have had this sort of excitement like today for a loooong time.

    ReplyDelete
  2. AnonymousAugust 17, 2009 at 9:14 AM

    By filling gap you mean - Friday's close-today open right?

    ReplyDelete
  3. CobraAugust 17, 2009 at 9:16 AM

    Yes, today's high must be higher than the Friday's close.

    ReplyDelete
  4. AnonymousAugust 17, 2009 at 9:31 AM

    Thanks for the Pre-Market Briefing.

    ReplyDelete