The market defied the odds yesterday. It gapped up and reached a new high since Mar 09. However, it closed about the same price as the opening price - forming a shooting star. I would have preferred a longer shadow, but it is still a shooting star.
At 8:30 EST, the Advanced AGP results would be out. AGP is the broadest measure of economic activity and the primary gauge of the economy's health. It could move the market. For the market to reverse, it would be good if the today's market open much lower (gapped down) and closed below yesterday's close. It should then be followed by a series of lower lows.
If for whatever reason, the market continues its climb upwards, then we have to be prepared for a drastic reversal one day (perhaps in Oct 09) - another black October?
We shall see.
Cheers !
PersianCat (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?
1 comment:
If today is a trend day down, it will be an evening star formation.
the market might go above 1000 before going down, just to stop out a few people first.
Post a Comment