Tuesday, April 7, 2009

04/07/09 Market Commentary

I did a day trade today shorting CAI from 36 down to 35 but my portfolio remains the same. I also did a small futures trades going long the NQ from 1286 to 1289 for a quick scalp as in bounced off the daily vwap. My longs took a big hit today but i'm not too worried I have updated my stops which in most cases are protecting profits i've gained in the rally up and my shorts are up a little bit as well. If we do head lower which the futures are indicating right now(ES down 11 points) then I would be looking for support around the 755 and 732 which is the 50% and 61.8% retracements from run up from the lows. If those levels don't hold we could see new lows made.

We are finally seeing a series of lower high and lower lows in the market as well as a break in the uptrend line. If the market opens with fairly negative sentiment I'll me looking to go short the NQ and add some new short position.

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