I screened the market with XPerTrader on Sunday night and observed that many stocks are in an extended downward movement. To add to shorts here will be more risk than reward as most resistance are far above. Today the market went bullish and most stocks are moving upwards. Now, is it time to long? For me, i would not participate in this rebound as yet. My guess is, most of the stocks could be forming bear flags or are retesting their resistance. It is at this resistance we will know if the bulls are stronger or the bears and subsequently choose our side of the battle. I have patience to wait, but i fear market may not have the strength to test the resistance and falls first. Last Friday, I just added another short position on UOL while keeping my yanlord. I thought a bear flag is in the making... I know i am wrong if it breaks the flag.
HKLand: Resume of downtrend?
Meanwhile, do you guys know what is dang dang dang dang?
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