We are down four days in a row and the last two closed near the lows of the day on increasing volume. The selling seemed to be a lot less aggressive today so we may be getting sold out in the short term. This looks like a good setup for a potential bounce. If we do get a bounce, I would expect it to be of the dead cat variety given the look of the weekly chart. The market has a lot of work to do before a sustained up move could happen.
I see that Facebook is scheduled to start trading on Friday. There is so much hype surrounding this IPO that I have the feeling they will try to make sure there is a gap up that day to get everybody feeling good. I will be watching late tomorrow afternoon to see if people try to front run that potential gap up.
Bob
2 comments:
Bob, what should we look for late tomorrow ?
A move up in the last hour, often it happens in the last 30 minutes.
Bob
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