I don't know how many of you acted on my advise yesterday to exit 'stuck' Long positions and create fresh 'shorts' at higher levels.
Dow lost almost another 100 points to close below crucial support of 9800. What this means is that we are going to open at least a % lower around 5250 and after a 'sluggish' first half where some feeble attempt at recovery may provide oppurtunity to create further 'shorts'.
Expect 5200 to be tested today in second half after Europe opens and if broken, support comes only around 5150. Inflation data too should be 'very high' today and may add to woes. My range for the day is 5140-5280 with reality and banks ideal for Shorting.
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