Tuesday, January 26, 2010
Lower Range
We broke new ground in afterhours, trading down to 1081, and longs are getting nervous. AAPL was a classic sell the news to blockbuster earnings, and this market looks like it wants to test that 1080-1085 support level. I want to be buying when the market tests that support area because I think it will hold up this time. We're slightly above those levels, so I'm going to wait patiently for lower prices to buy. If we head to 1096, I will be shorting. I will be trading it as a range, just at lower prices than yesterday. Consumer confidence and Home Price Index are coming out at 10:00 AM, so they could shake up the market a bit, more likely to the downside.
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1 comment:
Well I can't do anything really now. I"m down about 3 or 4% overall. Still think mkt will bounce to over 1120, and the longer we stay at these levels the harder the bounce. We could go even higher.
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