Market commentary for 12/26/2008
Good day!
Hope you all had nice Christmas and now is time to continuation. Wednesday was very slow day, exactly as we expected and even today market is open full time I don’t expect big changes. Volume will stay light because many traders took Christmas holiday as good opportunity for long weekend, what will be same with next week and New Year. On the daily charts we can see very tight bar at Wednesday on very light volume. Also we can see that support area holding. We all know that after very tight range day we can expect trend day, but I will be restrained with that today. I don’t have strong bias because we can see both direction and for me it is 50/50. After several down day’s it wont be strange to see one up day and bounce to daily 20sma for the SPY and the DIA, but also after two consolidation day’s it wont be strange to see selling continuation. We have open swing trades, and they look ok, and we can look for some intraday setups, what will be safest place for trading today. In case for break down, on the 60 min charts that will be 3rd try for indices and that will be something what I will looking for. Generally, my bias is still more down then up in the future, and that will stay same until market will give me prove for new direction.
Good day!
Hope you all had nice Christmas and now is time to continuation. Wednesday was very slow day, exactly as we expected and even today market is open full time I don’t expect big changes. Volume will stay light because many traders took Christmas holiday as good opportunity for long weekend, what will be same with next week and New Year. On the daily charts we can see very tight bar at Wednesday on very light volume. Also we can see that support area holding. We all know that after very tight range day we can expect trend day, but I will be restrained with that today. I don’t have strong bias because we can see both direction and for me it is 50/50. After several down day’s it wont be strange to see one up day and bounce to daily 20sma for the SPY and the DIA, but also after two consolidation day’s it wont be strange to see selling continuation. We have open swing trades, and they look ok, and we can look for some intraday setups, what will be safest place for trading today. In case for break down, on the 60 min charts that will be 3rd try for indices and that will be something what I will looking for. Generally, my bias is still more down then up in the future, and that will stay same until market will give me prove for new direction.
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