The suggestion last night of the buy zone between 702-06 was never hit today. The market opened up below our suggested stop point so no trades on record. I personally took a small trade for a quick in and out at the 697, but you had to be fast as it was reversed very quickly. The next support level was the 688 and below there was 673. That seemed to be the range for the afternoon.. I am still looking at this market as washed out and in need of a bounce. The extreme oversold readings are incredible and I feel tomorrows Job # could be the ticket to a low in place for a bit. With that thought I accumulated some long exposure in an average 680 area on the |Emini S&P 500 and will be looking to swing this area for a bit adding further on a dip tomorrow or staying with it on a reversal to the upside. The market feels like it was pricing in the expected bad job # tomorrow and would expect upside from here. More thoughts tonight.
Thursday, March 5, 2009
Ugly Day but Stops Helped
The suggestion last night of the buy zone between 702-06 was never hit today. The market opened up below our suggested stop point so no trades on record. I personally took a small trade for a quick in and out at the 697, but you had to be fast as it was reversed very quickly. The next support level was the 688 and below there was 673. That seemed to be the range for the afternoon.. I am still looking at this market as washed out and in need of a bounce. The extreme oversold readings are incredible and I feel tomorrows Job # could be the ticket to a low in place for a bit. With that thought I accumulated some long exposure in an average 680 area on the |Emini S&P 500 and will be looking to swing this area for a bit adding further on a dip tomorrow or staying with it on a reversal to the upside. The market feels like it was pricing in the expected bad job # tomorrow and would expect upside from here. More thoughts tonight.
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