Tuesday, March 28, 2006

I'm a coward


The FOC annoucement came with an increase in interest as expected, and I watched the market drop 100pts on the Dow. I made some coin on the simulator, but I was expecting the initial direction of the market to go up, followed by a selloff, just like last time. I tell you what, that Bob Pisani can never guess the market, he was saying the market may turnaround in an hour after the annoucement,,,,tell me,,why? The market closed near its low, just like last time. Interest rate hikes are B-A-D, not good. Also, if you looked at the chart we are at a right shoulder, perfect timing for bad news and a selloff. I have a feeling that the market may want to bounce tommorow, but there is still a right shoulder in place that could come down for the next 2-3 days. I'm hesistant to be long tommorow for the rebound. Maybe thursday I can go short if we rebound on wednesday, just so we can complete the shoulder. Is it a coincidence that the market was near its high the last couple of FOC annoucements and we got a huge sellf off ending in the red?

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