Another low volume down day, and the overall volumes are so light, the bulls might just call it victory. As indices/many stocks are very oversold on the 60 min charts, fading the gap if there is one tomorrow morning seems just logical. On the other hand, since the momentum for major indices and many stocks just flipped to the negative side, you got to wonder if any sizable gains can be sustained.
The long setups are the best when the market gaps down big in the open tomorrow morning:
1. BX: DT/SW-L1, ez=16-16.82, IDS just below 15.9, IT=18.
2. GS: DT/SW-L3, ez=155-160.2, IDS just below 155, IT=167/170.
3. ISRG: DT/SW-L2 if it spikes towards 305, IDS just below 300, CS below 305, IT=315/325.
4. BEXP: buy any pullback above 8, IDS just below 7.6, CS just below 8, IT=to the moon :P
Monday, April 14, 2008
The unbearable lightness of bullishness?
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