Posted on October 5th, 2008 at 5:45 PM
Last Sunday, September 28th, I discussed the odds tilting to a bounce. The market had another agenda. It did not bounce at all. Now, old support becomes new resistance.
Our momentum indicator is no longer divergent. The trend is clearly down and any attempt at a bounce has been feeble at best. Position yourself accordingly.
A trader friend mentioned everyone being beaten up this year. I disagreed with his assessment. The market is in a clear trend. Down. Take my word for it, trending markets are much easier to profit from than non-trending markets.
I am watching Garmin (GRMN). I may get short if it triggers off the XTL Bar. For more on XTL trading, see our video library here.
~Joel Stahl
Additional Resources:
Join us at a FREE online seminar for Advanced GET.
Check out the entire feature list for Advanced GET.
