Today’s trading, although based on hopes, could be read as a reversal approach. We broke significantly above 50 day MA. The volume was a bit weak, but still, the rally can count as a breakout. The question is whether it will mark a rally attempt and we are ending the bearish trend or this would be just a bull trap.
This rally is now overextended and we will see a pull back. The question is, how deep such pull back will be. We can start sliding back down, or we can be witnessing a slow reversal in trend back to bullish trend.
Although I believe, that the market rallied on phantom data we have been hearing for months and no solution at sight. Greece will default although not yet, but it will happen and that will affect the US as well, so we have a big pressure in front of us.
Thus today I closed some positions for profit (some for a small loss) and now I will be waiting for the next move. I might play the pullback as well.
Happy Trading!
The Greeks should go back to eating olive leaves and drinking water. That’s all you can afford when you don’t work. Germany should say no to any bailout for the lazy!
My loser Greek neighbor keeps going on about how great Greece is and how they are being screwed by the Germans. What a loser she is! Greeks are parasites.
I think, this rally is fake and the market will fall as soon as those idiots realize that there is nothing new out there and Greece is still in debt and help is difficult to get. It will be a noisy bang!
No it is not rebounding, it is just a hysteria and a bubble which will blast.