Unbelievable, another week of ferocious selling in the Simsci especially on Thursday afternoon. Funds are getting out and events in the Middle East cause Oil prices to soar again above the US$100/- level. The shorts take this opportunity to squeeze those who are long, it's real painful to be holding long positions in equity, some even panic.
The market recovered half the losses for the week on Friday, Funds came in to cover their shorts and for those who have been shaken out of their long position the previous few days, will only stare and watch the market creeping up slowly without getting back into position.
Is such a correction good for us to enter into a short position? The trend is heading South and correction of 50% for the week. Who can predict where the market is going tomorrow? I need to be enlighten.
Still, being a scalper, just stick to what I'm doing best and try not to predict the market, don't try to be too smart. Let the market tell me how I should react to it's movement, whether it's Tango, Cha Cha or Waltz, just follow.