Saturday, May 2, 2009

04/27-05/01 Weekend Review

We are continuing to see higher highs and higher lows, it does seem illogical for the market to be up this much, and to see groups such as the real estate index rallying. But they are rallying, only price pays and despite what volume or any other indicator is saying being long has paid off handsomely. Every drop we have seen recently in the market has just provided new buying opportunities.

For the third day in a row the S&P failed to close above that key 880 mark(23% retracement) and volume is decreasing. I've been waiting(and trying) to short this market for the last month, I'd love to see it go down but unless we break out of the current channel we are in right now and see some lower lows I will only speculate with small short positions.

The NQ pushed above resistance at 1385 on wednesday and it has since tested it a few times. This chart shows much more strength than the s&p and no signs of the strength waning.

IO (missed opportunity): I recommended it but never traded. Still think it had more room to go up, but chasing it at this point is not something I want to do.

Current Long RDC:

Trading is balance of greed vs reason, i'm constantly trying to get these two areas under control and although I have gotten better recently I still have a long ways to go.

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