If could rate today's action, i give it a 80% bearish. After lunch, i saw the market suddenly surged up and i thought wow, bearish bearish action to trap the last minute bull in. I remained calm and hold on to my shorts and after 2hrs 15-30min later, i saw the unloading effect where STI started to dip lower. At the end of the session, the market suddenly went up about 7-8 points which was exactly what i was looking for. This is what i call an annihilation of the public. This bullish hope will soon turn sourish.
Yesterday i blogged about the final breakout and limited upside. Although the market did not dip today, however the upside was capped with sellers putting out shorts. How could the market continue higher when huge amounts of shorts are exerted? I shall continue to hold my bearish view for the short term until i see unusual activities which negate this belief.
Ronald K
