Market commentary for 04/01/2009
Dear Trader:
I invite you to visit me at: http://www.ivicatradingcharts.com/. Click on daily articles you can see the daily trading ideas and commentaries. I would also like to invite you to join us in the live trading room. It is absolutely free and you will find the results beneficial and profitable.
The trading this week has been tough. First a gap down then a gap up. The strong move up and even stronger pullback. That is a short explanation of the market action this week. If we look at the 60 min charts we can see the indices are starting to form a big range which will increase risk. Today started with a gap up and it was gap right around Monday open area. The QQQQ was the strongest again. The QQQQ's move was strong enough to fill Monday's gap, the DIA was close enough while the SPY left some room. Intraday action was very choppy without a strong pace and volume which increases suspicions for that action. That is the situation a just don’t feel and can’t trust to move which I see. I believe that every trader have situations when just don’t trust the market action. You will see direction, you will see a setup, but just don’t feel good to be in trade. Most of Tuesday I felt that way and the reason was the fear we can see situation which started at the last reversal period (15:30 pm ET). In the last 30 min the indices lost almost all gain and closed near the lows. I said yesterday that I expect we can see more of a correction from the lows but generally that my bias is short. I’m staying with that opinion, but the jumpy market action is not helping. My job is to find low risk setups and the action that we see on the 60 min chart won’t help. Wednesday I will be focused on the intraday setups because they are giving us the best results. Next week will start earning season and that will add risk for o/n trades.
Wish you all good trading!!!
Kind regards.
Dear Trader:
I invite you to visit me at: http://www.ivicatradingcharts.com/. Click on daily articles you can see the daily trading ideas and commentaries. I would also like to invite you to join us in the live trading room. It is absolutely free and you will find the results beneficial and profitable.
The trading this week has been tough. First a gap down then a gap up. The strong move up and even stronger pullback. That is a short explanation of the market action this week. If we look at the 60 min charts we can see the indices are starting to form a big range which will increase risk. Today started with a gap up and it was gap right around Monday open area. The QQQQ was the strongest again. The QQQQ's move was strong enough to fill Monday's gap, the DIA was close enough while the SPY left some room. Intraday action was very choppy without a strong pace and volume which increases suspicions for that action. That is the situation a just don’t feel and can’t trust to move which I see. I believe that every trader have situations when just don’t trust the market action. You will see direction, you will see a setup, but just don’t feel good to be in trade. Most of Tuesday I felt that way and the reason was the fear we can see situation which started at the last reversal period (15:30 pm ET). In the last 30 min the indices lost almost all gain and closed near the lows. I said yesterday that I expect we can see more of a correction from the lows but generally that my bias is short. I’m staying with that opinion, but the jumpy market action is not helping. My job is to find low risk setups and the action that we see on the 60 min chart won’t help. Wednesday I will be focused on the intraday setups because they are giving us the best results. Next week will start earning season and that will add risk for o/n trades.
Wish you all good trading!!!
Kind regards.
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