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.
