Tuesday, August 30, 2011

Furthermore.....

Expecting a slow day (consolidation) today but risk reward will favor shorts I think given that we are now short term overbought and buying power looks exhausted after yesterdays extremely positive tick readings. Also good odds for fading any gap given we did not fill yesterday. To summarise a good sized pr-market up gap looks like a good trade to me. After that I'd be inclined to fade the range in the first hour........

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