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Comment on Market Behavior June 16th
Note: The wedge we pointed out a few days ago is narrowing now. See Michael’s numbers below.
Yesterday was very impressive. We got one of those ”V” shaped bottoms intraday. We are small long with no intention of adding to this position. Why? Because it is still a range between 1960 and 1990. We did say short below 1952 looking for $10 but did not play as we are still long.
Now we can play it 3 ways being long already.
1- add. NO. as cool as a V shaped bottom is, it means someone “probed” for stops, found them, and then lost patience….. someone is likely testing waters on downside
2- bail and count ourselves lucky- NO. the V shaped bottom is our reason to hold on as we are back in that range. The range is being tested, and so far buyers exist
3- place a stop below yesterday’s low as the absolute bottom of the range and look for the market to traverse to the top of our 1960-1990 range ( now 1987.30 and 1964.20) again. Then assess if worth holding on to- YES
