Monday, April 20, 2009

Get Short(y)?

As I wrote in my post It's Go Time, the Dow finally broke out of its ascending triangle very calmly to the downside (in more of a consolidation than a break). It rode the lower ascending trendline up as resistance, and once it reached the 8100 level of resistance that it has done battle with so many times recently, it broke through just enough to again test the ascending trendline on Friday unsuccessfully. On massive volume.

And now, it has broken a trendline on the RSI that has held for over a month. That should be good for a few shorting opportunities in the near-term.

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