Yesterday, the major indices INDU (DOW), SPX (S&P500), NDX (Nasdaq 100), COMPQ (Nasdaq Composite), RUT (Russell 2000) and even HGX (Housing) formed a hammer at a significant pivot low. ETF such as XLE, OIH and many others also formed a hammer.
And it is about time as I do not know how to play the market as most stocks are already oversold. It would be easier if the market correct itself before continuing in its bear trend. At the end of today, if the market closes above the yesterday's high, we would have a confirmation candle. Then the market is expected to have a rally next week (may be a short one though, but we never know). So far, the market is expected to open higher today.
For the rally, I am focusing on the precious metals (e.g. mining stocks like TIE, NEM, BHP). In the meantime, I have been sharpening my skills in trading ES.
- PersianCat04 (Millionaire-in-progress)
Trade Like A Persian Cat reminds me that I should be like a Persian Cat, waiting for the right setup to trade and not act on impulse. This blog documents my trades, thoughts and reflections in playing Options in the US Market. "Bulls make money, Bears make money, Pigs Get Slaughtered, Cash is King"
Who Am I ?
Interesting Read
- Are You An Academician Or Practitioner?
- Are You Winning The Battle?
- Comic Strips
- Guidelines For Intraday Play
- How The Markets Really Work
- Jewish Holidays 2012
- Optionquest Online Game
- Play One contract only !!!
- The Average Investor Mentality
- The Market Cycle
- US Market Holidays 2012
- Who Are You Trading Against?
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