Friday, August 13, 2010
Update
Thus far this morning 3C has been very flat, no obvious signals except some accumulation on the gap lower at the open as we saw yesterday. It's kind of an eerie quietness. So we keep watching. If you saw last night's video, then you know I think the highest probability is another day of some price strength, it obviously is not strong strength, but the fact we haven't seen another 2+% decline suggests there is some there. COT triggered long this a.m. and has pulled back into some accumulation so it could be a decent quick trade on the long side, just be sure to have a good stop and understand that we are in a very bearish environment which means it could turn anytime and you must be ready to take profits on a stock like this and not become attached because of gains it may make for you.
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