Powerful 13 short covering – market wrap-up

On the left hand, the NDX with a double daily 13, which triggered a powerful short covering rally today up to the gaps the SPX and NDX made two days ago. That happened from new lows, which is basically a good pattern for a low – but today it’s also a bit of full moon panic buying. Intraday, we made 10% moves and with a far higher volume compared to the prior days. We will close at the highs today, which is typical for short covering days and should fall back tomorrow as we go into the WE. Next week though should be in a firmer bias – but that we can determine by tomorrow’s price action.


~ by behindthematrix on November 13, 2008.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: