Hammer Time

I covered a leveraged short in Small Caps, though I maintain a straight out short on SPY, which I have been holding for maybe a couple months now.  I even bought a few things that I trust relative to the speculative stuff that is getting beaten to a pulp.

These Hammer candles, unlike the things that showed up on Monday, are valid as potential bullish reversal candles, coming after at least a short-term downtrend as they have.  But this is all short-term stuff.  The market is still losing momentum and undecided on its next big directional move.

Dow Hammer…


SPX Hammer…


RUT Hammer (sort of)…


And then there is NDX at support…


And SOX was green today, though still locked in a bearish trend.  SOX is the one I have not been able to reconcile because I really have not found a good reason for its sharp correction, at least relative to the other stuff.  We are going to talk about the Semi’s this weekend.  Two of the four stocks I took a shot with today are Semi Equipment companies.


By the way, just for fun let’s watch what happens when MarketWatch starts putting up front page articles about the Dow and SOX ‘Bearish Death Crosses’ of the 50 and 200 day moving averages.

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