The results seem to suggest the market is getting a bit overdone and could be ready for a bounce. While there have been a fair amount of occurences in the last 10 months, the results have stayed fairly consistent.
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6 comments:
newbie question: what do you mean it's getting ready for a bounce? does bounce mean up or down?
Bounce means up. It is now short-term oversold and a move back up is becoming more likely.
many thanks for the update
I expected it to go up today based on Frank's work at Trading the Odds. It did. It seems to be in a downward channel (and now closer to the top of the channel) and there was a sharp decline today in implied volatility.
I expect the market to drop. I think we passed an intermediate top a few days ago. Having said that - I've been consistently wrong about predicting the top of this rally.
Douglas, I think we hit the top on Friday or thereabouts
Back down we go
Thanks for this nice post. You + TraderFeed = cool combination :-)
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