Last weekend after the oil attack news broke out, oil related counters gap up like crazy but to only realized that all the frenzy buy up was now simmered. Look at the Top 30 Volume and look at the Sembmarine chart. After that gap up, it all simmered where sellers were looking to sell and buyers were not there yet. That's why I always said, it's very risky to chase the market on good news. A right thing to do is always sell on news. Sembmarine had been down for the past 4 days and looking at it now, it might have touched a short term demand zone. I wouldn't want to short now but wait for the next opportunity again when the signals appears. There was supposed to be an oil rally but it just did not happen and while the market is quite high, let's see what's next for now. Thanks all for registering my cheat sheet talk on Oct 1, see you all there where I will give out more secrets and my trading tools.
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Ronald K - Market Psychologist - A Stock Market Opportunist
