Tuesday, August 27, 2013

Short /ES @ 1628

The inability of the market to move higher after hours has made me reconsider covering my short earlier. While extremely oversold I think 1620 is likely to happen sooner rather than later. I will cover if the market reverses and trades above 1630. The pic below shows how oversold the /es is but the lack of buying interest here tells me that another gap down open is looking more likely.

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