Saturday, May 16, 2009

Video - Weekend Market Summary - 5/17/09

Hi traders. My newest son is getting baptized tomorrow so I wanted to get the video for this weekend done a bit early. As I talked briefly about on Friday, I am starting to see a lot more possible short setups in my scans (which I go through in the video) so I am leaning more bearish as we go along here. The bulls have technically still held the 875 and 1665 areas however, so they are still in control, but a lot of the things I see indicate they are very likely losing that control here. I am not in a hurry to get massively short, but based on the setups I am seeing, I may look to play a few breakdowns in the coming week. Hope the video helps you out and feel free to ask any questions or share any comments. Take care and enjoy the rest of your weekend.

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Anonymous One said...

Mac, Do you attribute your bearish sentiment to the volume on the trend down from 920? I thought it wasn't heavy enough to make a call.

Mac said...

You're right that volume was not that heavy on the move down, and that is why I said the bulls are still in control here. However, based mainly on the individual charts I am starting to see along with a few oscillators, I am leaning bearish. It's not set in stone much like this market. I don't think it is a guarantee, but if we break 875 and 1665, I think there is a very good chance of a much more severe pullback.