Tuesday, June 24, 2008

Stalking for the Bounce

I use 6 indicators for deciding when to play an oversold bounce. Today four of them are giving buy signals. If we get a good amount of weakness tomorrow, the fifth indicator will likely give a buy signal as well.

For the time being, I am ignoring my watchlist. I am only playing the indexes waiting for the buy signal to make a big, but low risk SPY or Q trade.

Note that my bounce play will likely be short term, and I may reverse it and go short at resistance levels.

No comments: