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Message: Oversold Bounce Tomorrow?

Oversold Bounce Tomorrow?

posted on Feb 04, 2010 03:10PM

One of my oversold indicators is off the charts - when this happens, there is an 80% [historical] probability of an oversold bounce within 1 day, but the charts look like they want to go down a little further. Given the big jobs report tomorrow, this will be too tricky to front run, methinks. If the market likes the report, it will gap up, making it hard to profit by it. But, if it gaps down instead, I plan to buy at the open, saving some ammo for a further fall and a possible mid-day reversal. Probably try one of those triple bulls like TNA or FAS just for a day trade.

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