…about going long this morning and here’s why. The Dow is extremely weak and even though it may seem like it’s short lived spikes mean something, when you look at the big picture you’ll see that each bounce is very insignificant. The purple dotted line behind the Dow is the financials, which continue to lag. Seems that many traders on Stocktwitswant to try and pick a bottom, and that can be dangerous. Had I not had so many technical problems with my Internet connection I may have been shorting the open, but for now I’m not doing anything but holding. It’s not a good strategy to over-leverage yourself to much one way or the other right now as things can move fast, too fast to act sometimes.

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 Another view is on the 15 minute chart which still paints a bearish picture as the price is still on the wrong side of the moving averages. That’s not to say that by the end of the day this chart won’t reverse and run higher. I’m only suggesting that momentum is still in the bearish camp and until strength is seen, it’s best to stay in cash or short.

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