Friday

Friday Mirror of Thursday

Post a Comment February 27, 2009 – 2:00 pm |   | Permalink |  Print This Post |

We are beginning to suspect Friday to be a mirror of Thursday, ie negative at the start (the Dow is not even open yet and its already down 1.7% - 7052 at the time of writing) but a turnaround to close slightly up by the end of the day. It is going to be a long night folks, so sit back and watch the show. We took our trades too early before Magik numbers were out. S2 would have been good entry point. Could this be a one direction move from preopen to close night? Statistically unlikely but as per our previous post, 7100 is not the low and 7000 will be breached if not tonight then early next week. We are still hoping for the market to fall, indicating that we are not over leveraged. The Dow is down 1.8% even before the market is open - according to our Rule: the market seldom moves in one direction from preopen to close. Be ready to protect our profits. Opened long at 7055 $5/pt.

Update: Market is down after more bad numbers (surprise surprise)

• US economy shrank by 6.2% - highest since 1982.
• Citgroup gets bigger goverment stake in 25 billion swap
• Hungary needs 320 billion EU bailout (looks like EU is in deeper trouble)