Emini Trading Update – Monday 3 Feb 2014 (13:37)
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Wow, what a day. 40 points of range on the Emini and we’re just bouncing of 1,737 as I’m writing this. Last week we spent consolidating and then when the Low of that consolidation zone got broken today, all hell broke loose.
We’re well past the window for a reversal (usually 11am) and so we’re likely to close on the Lows today. Then tomorrow morning we’ll likely get a little follow through – after that we might have done enough damage to the downside to get a little rally.
But I think this downside move will last longer than people expect. With last year’s activity we’ve been programmed to expect 2-3 day selloffs followed by new Highs. Nah – that was last year. This year is/will be the year of trading – not Buy and Hold.
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