Tuesday 13 October 2009
Lucky 13 [October] was not a lucky day for our analysis. Like catching a rabbit
to make rabbit stew, to get short, first there has to be supply to push price lower. For all of the analysis and red flags we have been observing here, there has not
been any visible sellers, particularly when price is at a strong resistance area:
previous 23 September high and failed retest high yesterday.
Short positions were taken just prior to the opening on Tuesday, but by closing
time, they were covered for a $50 loss per contract. It was very apparent that
without evidence of selling activity, price would either continue sideways or do
what is has been doing since the March lows… rally.
No supply, no stew, no position.
