Friday, January 8, 2016

Closing Short Positions

I covered short positions at the low this morning around 1130.  Based on 1100 AM data, I am projecting a lower volume today suggesting that fear is abating – at least for now.  That combined with an oversold reading today for Breadth and oversold reading yesterday for RSI and Smart Money suggests that a bounce is most likely. (I saw Tom McClellan on CNBC yesterday and he said he covered shorts Thursday.)
I doubt that the morning low is a final bottom.