Thursday, August 18, 2011

Test Of Lows?

If, and that's a big IF, today's lows hold, traders will try to build on this higher low (compared to last week's low) development tomorrow. I am not biased either way after being wrong about expiration holding around 1200. The moves are quick and violent, yet they are responding to technicals a bit better than last week. Of course as soon as I say it, they get wild and uncontrollable. Still the fact that no new lows were put in is going to energize bottom fishers. Jackson Hole next week will be a catalyst for some players to buy against. Some sellers may just cover and avoid possible risk of sharp rally. Let's see what happens... 

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