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.

1 comment:

Anonymous said...

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.