Market commentary for 03/04/2009
Good day!
Look at the 60 min chart and it will tell you everything about market action. We got one chance for larger recover and we took it in the room, but it didn’t work and now I will stay in same mode as few last days. We can see 60 min consolidations and the indices look ready for third selling wave. Just an FYI, the futures are selling off after hours. I don’t have a clue where the bottom is. It can bounce anytime, but we can see a flush out anytime too. Because of that I will be very conservative and will wait market reaction first. I repeat that I’m not interested in new shorts right now and only thing I can do is wait. I will look for an initial bounce on the small time frame which can lead to a larger correction. Last few days we picked the bottom at the right time and the market didn’t cooperate. I still think that is right way to be active. It is also very important to note that trading risk needs to be small because it is very important to survive in this very tough time for trading and living. If you are interested to see how we do that and what we are watching when we determine possible reversal, join us in live trading room.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
Good day!
Look at the 60 min chart and it will tell you everything about market action. We got one chance for larger recover and we took it in the room, but it didn’t work and now I will stay in same mode as few last days. We can see 60 min consolidations and the indices look ready for third selling wave. Just an FYI, the futures are selling off after hours. I don’t have a clue where the bottom is. It can bounce anytime, but we can see a flush out anytime too. Because of that I will be very conservative and will wait market reaction first. I repeat that I’m not interested in new shorts right now and only thing I can do is wait. I will look for an initial bounce on the small time frame which can lead to a larger correction. Last few days we picked the bottom at the right time and the market didn’t cooperate. I still think that is right way to be active. It is also very important to note that trading risk needs to be small because it is very important to survive in this very tough time for trading and living. If you are interested to see how we do that and what we are watching when we determine possible reversal, join us in live trading room.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
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