Market commentary for 03/20/2009
Good day,
Initial jobless claim came in slightly lower than expected, however continued claims rose higher than expected. The best that can be said is the acceleration has slowed. The dollar is getting clobbered with gold up 70 dollars and oil up over 3 bucks. I guess that is what happens when you print an extra trillion or so dollars.
We started the day with a gap up to Wednesday highs and that was all from the bulls for Thursday. Right after the open the selling pressure started and the gap was filled. The rest of the day we saw a tight range which action we can see on the 60 min charts. All day my bias was with shorts but we didn’t see any selling continuation. The indices closed at the lows which suggests a continuation for Friday. Tomorrow is option Friday which will increase trading risk and we can expect choppy intraday action. My bias will remain bearish. The next few days I will look for more of a correction from the recent highs. Right now the indices have several support areas that we can see on the 60 min charts and my focus will be with pace and volume. If market doesn't follow my bias I will stay aside and watch. The market is extended and right now I’m not interested in any trades longer than day trades.
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. I will bring all upodates in the room. Email me if you want instructions, it is 1000000% free (danded2005@inet.hr)
Good day,
Initial jobless claim came in slightly lower than expected, however continued claims rose higher than expected. The best that can be said is the acceleration has slowed. The dollar is getting clobbered with gold up 70 dollars and oil up over 3 bucks. I guess that is what happens when you print an extra trillion or so dollars.
We started the day with a gap up to Wednesday highs and that was all from the bulls for Thursday. Right after the open the selling pressure started and the gap was filled. The rest of the day we saw a tight range which action we can see on the 60 min charts. All day my bias was with shorts but we didn’t see any selling continuation. The indices closed at the lows which suggests a continuation for Friday. Tomorrow is option Friday which will increase trading risk and we can expect choppy intraday action. My bias will remain bearish. The next few days I will look for more of a correction from the recent highs. Right now the indices have several support areas that we can see on the 60 min charts and my focus will be with pace and volume. If market doesn't follow my bias I will stay aside and watch. The market is extended and right now I’m not interested in any trades longer than day trades.
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. I will bring all upodates in the room. Email me if you want instructions, it is 1000000% free (danded2005@inet.hr)
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