OK the Citi bail out scam only gives us a chance to get a better price on SKF, but remember its the IYR we are tracking. DOW 500 is still imminent and the financials will led us down as they led us up.You can see the spastic action the the 15 minute chart. Lets see what happens at this 30 level and if that down trend can be broken with any force. By looking at that buying volume it seems the plungers have blown their wad short term.
For the SKF itself we were stopped out at 195.95. If you got early good, if I got out before that I just post the stop out as the closing value. The problem here is that SKF is bouncing along a zone of prior support and I don't want to get back in too far above where we got out 195.95, so if SKF breaks 200, like or not I'm back in, I may be in before that. Check out the SKF daily chart.
So just chill and will pick out entry point.
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