We haven’t had a chance to check in with the bottom callers yet but it looks like this time they may get it right. After an ugly start to the day fear we wrote about yesterday finally reached levels high enough to produce a significant end of day rally on volume that most likely solidified a near term bottom. We have mixed feelings about this since it puts a halt to our running short profits and still doesn’t address overhead resistance levels outlined in Wednesday’s detailed market analysis. On the other hand we can now lock in profits on our shorts and start seriously looking for long plays. The intermediate outlook still remains bearish, but this could potentially change if the rally off current levels is strong and has a significantly high level of volume.
Posted by srsfinance
at 3:33 AM EDT
