We see a frustrating session for the bear. Today market gapped down and had a follow through to the downisde until 11:30AM. From the afternoon, we see a furious bullish movement go as high as 1264. Then the ugly sell off in the last half hour to wipe out 1 percent gain. Up to now, I still did not find the cause or news why the market bounced so strong in the afternoon. This market action really makes bull and bear strugguling. Right now it is a heavy battle between bear and bull. We will see the result very very soon once the index break out from the triangle.
I am in the bear camp now with 70 percent committed to the short side. I believe the index is going to break down from the triangle and I am planning to hold my short position for a few days. As I projected, my timing model gives the sell signal today. Hence the long position from 10/07/2011 is closed. Within this period, TNA gained 37.82%.
At the timing I am writing, future ES is down 10 points. Bear will win this battle!
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