Market commentary for 03/11/2009
Good day!
Finally we got what we expected last days. Indices formed daily/weekly CCI setup possibility and that was reason why we stayed in several swing setups after Monday slow trend day down. True, it was high risk and because of that our o/n risk was not big, but reversals can back on this way. Day started with strong gap up. For the DIA and the SPY it was gap near Monday high, while the QQQQ gapped above 20sma 60 min. I mention several times in the past that I can’t imagine bounce without strong financials and that was trigger what we had at Tuesday. After gap up rest of the day we saw buying pressure all day what result with trend day. We had very busy morning with number of good setups and rest of the day we just managed them for profits. Now what? Well, we can see that the QQQQ have room for more upside move in the morning, the DIA have some room to while the SPY closed at 03/04/2009 gap resistance area. On the 60 min charts we can see that charts are extended, but on the daily charts we can see that all have room for more upside move next days. Also we know that after trend day we can expect consolidation day. It is hard to tell what will be in the morning. Will indices just continue with buying pressure or 60 min consolidation will start. But we know what risk will be on new setups. Since 60 min charts are extended, risk for new setups will be higher risk, unless they will be fast trades. It will be good day to manage open swing trades and we have enough of them. My focus will stay for long setups, but they will mostly be intraday setups, and I will manage open swing trades. Since indices had daily CCI setup, I will look at least for 20sma resistance area, but that will also depend on pace and volume.
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!
Finally we got what we expected last days. Indices formed daily/weekly CCI setup possibility and that was reason why we stayed in several swing setups after Monday slow trend day down. True, it was high risk and because of that our o/n risk was not big, but reversals can back on this way. Day started with strong gap up. For the DIA and the SPY it was gap near Monday high, while the QQQQ gapped above 20sma 60 min. I mention several times in the past that I can’t imagine bounce without strong financials and that was trigger what we had at Tuesday. After gap up rest of the day we saw buying pressure all day what result with trend day. We had very busy morning with number of good setups and rest of the day we just managed them for profits. Now what? Well, we can see that the QQQQ have room for more upside move in the morning, the DIA have some room to while the SPY closed at 03/04/2009 gap resistance area. On the 60 min charts we can see that charts are extended, but on the daily charts we can see that all have room for more upside move next days. Also we know that after trend day we can expect consolidation day. It is hard to tell what will be in the morning. Will indices just continue with buying pressure or 60 min consolidation will start. But we know what risk will be on new setups. Since 60 min charts are extended, risk for new setups will be higher risk, unless they will be fast trades. It will be good day to manage open swing trades and we have enough of them. My focus will stay for long setups, but they will mostly be intraday setups, and I will manage open swing trades. Since indices had daily CCI setup, I will look at least for 20sma resistance area, but that will also depend on pace and volume.
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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