Wednesday, April 8, 2009

04/08/09 Market Commentaty

Well the market didn't end up opening lower with any negative sentiment so I didn't enter any shorts, I attempted a scalp trade at 8:20am shorting the NQ at 1288 due to an ambush short which I quickly got out of at 1289.25 because I got bad feeling which turned out to be right as it jumped up to 1295 a minute later. We remained above that key 1285 level in the NQ (~812 in ES), we are also back above that trend line into the up channel and saw a nice bounce off the 23.6% retracement. If we break 834 I will be bullish but if we head lower and complete a mini double top we are in right now I will look to be short down to the 822 region.

Side note on the upcoming holiday this week, during holiday weeks (market closed on the friday or monday) there is a change in the general market trend and you see a reversal for that week, the next week things are back to normal. I don't really believe/trade these things but it is interesting to note.

Portfolio remains the same with the addition of one new short, HRL. It is in a triangle pattern currently and i'm looking for a break to the down side. As a fellow trader pointed out today, there is a whole lot of mess under it which it can find support around so it isn't the best of short ideas. I'm not too crazy about it either and I have a fairly tight stop on it. I have a feeling this one could bite me in the ass.

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