Wednesday, February 11, 2009

Back on Track

If you noticed my lines of support/resistance on the DJI30 from a few days ago, we indeed tested the bottom line of support, and the market appears to be bouncing back today as of this writing. The market appears to have recovered from what has been stated as an unclear stimulus layout, but what were people expecting? A step by step plan for recovery, or just a general"throw money at everything" approach? Who knows, but we seem to be correcting from an over-reaction to a not- so- clear event. I was so upset at the market's reaction yesterday that I actually didn't even know if I was going to watch today, but I couldn't resist.

Have a good one, Roger

2 comments:

  1. Hi roger,
    what sa picks trading this week and what are your thoughts for the week?

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  2. @jc
    Well, the DJI30 broke through the bottom line of resistance in grand fashion enough to be called a breakout to the downside. The market is extremely oversold right now, so I am waiting to see if there is going to be a continuation before I jump into anything. I have actually been long in TWM, an inverse ETF, but I plan on closing that this morning if the futures point to a higher open, and considering the SA picks HOLI,ASGR, and MMM

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