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Last Update: 3.5.13
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2.28.13 Thursday
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I Saw It and I Entered (Bearish @ $140.74)
Currently got caught up at that Fib Extension level like a spider web trap and threw a shooting star reversal with HIGH (let me say that one more time, HIGH) volume. Shooting star at the top, at a critical level, with high volume, TELLS ME SOMETHING. I saw it and I entered bearish. My next target is at around $136ish. Let’s see if we can get some follow through tomorrow and early next week. Last early September (highlighted) when we threw a shooting star at the top of the move, Dow corrected itself pretty steeply.
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3.5.13 Tuesday
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Stopped Out @ $141.67
I lost more than I expected because of the gap up this morning. I am wondering though if this is a exhaustion gap and even if it was the exhaustion gap, we wouldn’t know to confirm it until 2-3 days. Not shorting or going long at this point.
2 thoughts on “I See Stars on $DIA”
This is once again great trade. I completely agree with your analysis on this one. I am short dia and spy as well currently.
Hi Kay: Tough luck. I came out of my short positions on SPY & DIA yesterday as well. We all know this is way overbought market. But as they say the market can remain irrational longer than one can remain solvent.
Need to wait before we pull the trigger on the short side now.