April 29th, 2014
by Jeff Pierce, Zentrader
The markets bounced off the lows yesterday (Monday, 28 April) and after much selling on Friday and Monday morning it appears we could be in for a short term bounce in the markets. It doesn't necessarily have to happen so I wouldn't be a buyer trying to profit from an upswing, but if you have shorts it could be a good idea to cover or at least lighten up on the short side.
The area between today's low and mid-April's low is going to be the battlefield for the foreseeable future between those bullish and those bearish. If that level can hold then we shall indeed bounce. The way I see it we're either going up and down or just straight down so it's still wise to use any bounces to get short again.