Wednesday, January 20, 2010
Choppy
The overnight action was choppy, and it remains choppy with earnings coming out from the big banks. Notable is the strength in the dollar, especially against the euro. There are crosswinds which are blowing, the market can continue to ignore the strengthening dollar and weakening commodities, but not for long. It is risky to be long here, but the price action speaks to a strong market. I will wait and see what happens, we could stay choppy for the first half of the day.
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5 comments:
Here we are again dawg. I'm liking the action. At this point I would say the bulls would be fools to play the same game again... what this would be three times now in the last week if they bought this dip?
Yeah, I don't think we're going to be rallying much today. It looks like the buyers are exhausted...should have kept the short, tried to microtrade too much.
You're a microtrader dawg. You trade the ES minis.
Yeah, it works sometimes but I wasn't focused on the big picture, and that was resistance at S&P 1150.
Anyway, we'll probably trend down all day and finish below ES 1130
Very big bars the last week. I wonder what this portends. Maybe this will be a long hard winter?
Let's see now. Earthquakes around the world. Check. Torrential rains and tornado warnings in Southern California. Check. ObaMAO. Sucka has just been placed in Check.
Stock market rally? Uncheck.
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