Wednesday, May 20, 2009

An Ominous Sign?

Today's intraday reversal came as a smack in the face to the bulls. Could it be a sign of more downside or just another headfake to sucker in the bears? Only time will tell, but bare minimum it should inhibit a sense of caution in the bulls. Retail, mentioned yesterday, had a pretty sick intraday reversal on higher than average volume. Here's a smattering of charts to keep an eye on (click to enlarge).

I'll highlight a few naked put & credit spread trades later in the week.


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