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« Birinyi In the News | Main | Most Oversold Since... »

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Many of the major indexes are nearing (or have moved into) oversold territory. Couple this with a few key sectors in extreme short-term oversold conditions and quite a few unclosed gaps on the upside and I the probability leans more towards the bulls over the short-term (1-3 days). Of course, as we all know, there are no guarantees in trading. Just using Mr. Probability in my favor.

The higher open today allowed me to take off the three positions that I established yesterday. I would have preferred a move that closed the gap, but all three pierced my underlying support levels so I decided it was best to go ahead and take my profits off the table.

Bought more USO - just could not resist the short=term 'very oversold' nature of the underlying.

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