Tuesday, May 25, 2010

5/25 - midday scan


  • once again we are well off the lows after a huge drop intraday
  • but today feels different...feels very much like we will even get back to positive and even make a gain
  • the candle looks right this time...its a reversal candle unlike the last few times we've done this
  • in the past weeks, the reversals were from insignificant levels and didn't give a huge tail..today we finally get a real hammer
  • financials leading...no idea where the strength is from but if they lead, it is hinting that this is real
  • we can always still go back lower and make the reversal candle less important but doesn't seem likely
  • think we can get a strong rally today onward for atleast the rest of the week as it is the week before memorial day...next week might even have some more low volume rally...low volume almost always favors the bulls
  • go good buy setups in either direction
  • FXE is at old lows of last week...very likely short term pop in euro...

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