Quote:
Originally Posted by Hisam135i
Pretty well I picked up some USO Calls yesterday, but unfortuneatly didnt hold on to them through today.  those would have made a nice return.. now I am currently holding $8 Puts on BAC for July 21st have had them for a bit so just that and the rest holding cash.
How long do you think this rally is going to last? The EUR/USD hit first level resistance and has been stuck there for a few hours now, a bit surprising to be honest. I thought we would fly up through the resistance levels but I guess there still isn't enough certainty in the market for that to happen. Makes me curious to know if this rally is going to last long or just be a short term (max two week) relief. |
I know right? No follow-through buying. All the action occurred in yesterday's close, and today's open. Then it stopped dead. I was sure we were going to smash through 1363 (and then that would signal 1400) but nothing so far. And the volume today is so LOW.
Feels like a bull trap... At least on the US markets it does. Time will tell, though. If we get a big rally into the close that puts us above 1363, that will tell me we are headed higher. However, because there is only buying at the open and close, I'd be suspect of this relief rally and most definitely think it is a bull trap. Which would make sense, since I'm expecting this to bring us towards the edge of a cliff.