Wednesday, May 6, 2009

Sketching in the action

I'm sensing the final blow off top coming on tomorrow's jobless claims / stress test release. I'm visualizing a pin through the 200 day moving average followed by late day selling into the close. Expecting Friday trading to be weak ahead of the weekend and come Monday a sharp move down. I've started getting short this afternoon via purchases of SMN and SRS and planning to get into FAZ tomorrow as the market nears the 200 day moving average.

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