Market commentary for 12/24/2008
Good day!
Not much to say about Tuesday action. After trend we got consolidation day as we expected. Day started with small gap up what was continuation of Monday before close bounce. But indices couldn’t hold it and for the rest of the day we saw pull back in to Monday lows where indices closed. We can see that weakness continued and bias for Wednesday is bearish, but also right now we can see on the DIA and the SPY 60 min chart possible double bottom pattern what can bring more consolidation. Market will also be closed earlier because of holiday and I don’t expect big moves. Maybe we will see some intraday action good for fast trades but with light volume risk for any longer term setups will be high. So if anyone wants trade my recommendation will be fast intraday setups on smaller time frames.
I like to use this opportunity to wish you all Mary Christmas and nice time with family, and other who don’t celebrate it happy day off, what is always good for rest and good time with family and friends.
Good day!
Not much to say about Tuesday action. After trend we got consolidation day as we expected. Day started with small gap up what was continuation of Monday before close bounce. But indices couldn’t hold it and for the rest of the day we saw pull back in to Monday lows where indices closed. We can see that weakness continued and bias for Wednesday is bearish, but also right now we can see on the DIA and the SPY 60 min chart possible double bottom pattern what can bring more consolidation. Market will also be closed earlier because of holiday and I don’t expect big moves. Maybe we will see some intraday action good for fast trades but with light volume risk for any longer term setups will be high. So if anyone wants trade my recommendation will be fast intraday setups on smaller time frames.
I like to use this opportunity to wish you all Mary Christmas and nice time with family, and other who don’t celebrate it happy day off, what is always good for rest and good time with family and friends.
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