Market commentary for 02/13/2009
Good day!
NOTE: next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
Continuation pattern broke too early, with gap down. Indices was weak most of the day what we can see on the 60 min charts. If we look at the 60 min charts we can see that Thursday didn’t brought any trend action until last 30 min when indices broke above range. On that way indices filled gap on every impressive way. But unfortunately this is not swing long setup; odds that Thursday lows will hold for now increase. For Friday I will expect day without clear trend, with up down action what we can use for intraday setups. For swing move, I’m still with bears and it will be same until I will see at least daily signal for trend reversal. The DIA is still in the downtrend channel, SPY in big range and the QQQQ in bigger range. That mean, if swing short wont work and without trend reversal signal we can trade only intraday setups. My focus is always to be with small risk as possible and intraday trading look best for now. Other way are swing setups based on daily/weekly charts but with bigger stops then usual and with smaller lots to stick with reasonable risk. Market is not same as before and we are dealing with that several monthly. Look like that wont go that fast so it is very important to survive for better days and sun will always back after the rain.
Good day!
NOTE: next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
Continuation pattern broke too early, with gap down. Indices was weak most of the day what we can see on the 60 min charts. If we look at the 60 min charts we can see that Thursday didn’t brought any trend action until last 30 min when indices broke above range. On that way indices filled gap on every impressive way. But unfortunately this is not swing long setup; odds that Thursday lows will hold for now increase. For Friday I will expect day without clear trend, with up down action what we can use for intraday setups. For swing move, I’m still with bears and it will be same until I will see at least daily signal for trend reversal. The DIA is still in the downtrend channel, SPY in big range and the QQQQ in bigger range. That mean, if swing short wont work and without trend reversal signal we can trade only intraday setups. My focus is always to be with small risk as possible and intraday trading look best for now. Other way are swing setups based on daily/weekly charts but with bigger stops then usual and with smaller lots to stick with reasonable risk. Market is not same as before and we are dealing with that several monthly. Look like that wont go that fast so it is very important to survive for better days and sun will always back after the rain.
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