Fascinating how we got another hanging man candlestick today. Markets went down sharply in the morning and then the bulls fought the prices back up to around where it started. I did buy some TWM as mentioned in my previous post, so now I'm shorting the markets in two positions.
I'm surprised how well the bulls can keep prices up. A bunch of European countries got their credit rating downgraded which made the Euro sink and the US Dollar gain. For a long time last year the US markets tracked the Euro, but lately the US markets have been tracking the US Dollar instead.
I still don't see much upside in the US markets without some pullback to gather strength to break through the resistance areas above. That's why I'm fine with staying in my positions for now. We'll see how things go next week.
Howard Milano
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