Market commentary for 04/14/2009

Market commentary for 04/14/2009

Good day,

I will have class about reversal periods in my trading room. It is free as whole service and I invite you to join us during market hours. All registered members will get class on email and all explanations how to find us are on site under live trading room. www.ivicatradingcharts.com

Amazing as it was, Monday gave us trend day action. Not much to say if we look at the 60 min charts. The day started with a gap down and after opening weakness the rest of the day we can see trend move up which resulted in a trend day. Technically that was a trend day, but when we see the intraday pace we know the risk was high since that was more of a choppy move up than nice trend day. Especially for the QQQQ. All the indices saw a new high before the close. Just barely but a new high. If we look at the daily chart we can see that nothing changed. It was small range day without any change after last weeks close. The financials were strong again and now the question is if it was buy the rumor and sell the news. GS was down slightly after reporting early after the bell today. We shall see how the rest of the financials react today. Since we don’t have any change on the daily chart, the indices still have room for more upside. For the S&P that will be the 875 area. We took several swing setups and right now it is important that all overnight trades are treated as higher risk since earning season is here and any news can drive the market. I will be focused on intraday setups and “own way” charts for possible swing trades.

charts are on the site: www.ivicatradingcharts.com

Wish you all good trading!!!

Kind regards.
ivica@ivicatradingcharts.com
Ivica