The market today has given a glimpse into the near future. Guys if you are making decent profits (of course a subjective measure) its high time to go selling! The European crisis seems to be never ending and added to it are the perplexing macroeconomic figures of Indian economy.
Added to it are the technical analysts' undying belief on esoteric power of charts and the adage that history repeats itself. The question this technical analyst asks is: are we in for a head and shoulders pattern? Enlarge the chart and decide for yourself:
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| BSE Sensex during the period from 14th Sept 2010 to 12th Sept 2011 |
For day traders its time for some short selling action. Be cautious of the spikes though, they can wipe off your month's earning. Remember how you got caught into one the last time you shorted a weak stock. Divine justice eh? Well, don't worry about the moral side, the short sellers do a balancing act and the are like the overseers who stop bubbles from growing beyond proportions. You guys save innocent people from the ruin that a bubble-burst brings along. Happy shorting cowboy!
Just look at these stocks! falling like bags of sand. how much has the market lost in one single hour! The shiny star has turned into a black hole!
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