Last night's post was entitled "Broad Based Selling" and today we had the complete opposite. S&P futures perked up in pre-market on news that the BOJ was cutting interest rates to zero and planning to stimulate through the purchase of gov't bonds. The speculation is that the U.S. will follow. Okay, we'll take it, but I'm not sure what it all means for future market strength. The dollar got crushed sending gold, oil, and commodities higher. By the end of the day all three major indices - SPX, Comp, and INDU had closed above last week's failed BO. My only regret is that the momo move occurred on my birthday which was a real distraction of constant interruptions.
NUS formed a mini C&H within the daily base allowing for a low risk entry.
SU was already in my swing account so I just added more on the BO. Resistance at top of triangle where I plan to lock some in.
AGU and MON shorts were aborted. AGU short at $76.00, locked in half a point, after which price reversed and carved out a handle, so I had to get out.
MON short worked for about 30 cents and then also carved out a base. So I was stopped out.
HCPG picks GS, NUS and SU fueled the session's best trades. My mindset was so bearish after yesterday's session that I had not planned on the long side. BTW, good post about trading strategy on HCPG blog tonight.
GS formed a nice base within the OR. I took a partial at the daily spot and let the rest run. Price stalled at the 50% extension of the previous day's range.
NUS formed a mini C&H within the daily base allowing for a low risk entry.
SU was already in my swing account so I just added more on the BO. Resistance at top of triangle where I plan to lock some in.
AGU and MON shorts were aborted. AGU short at $76.00, locked in half a point, after which price reversed and carved out a handle, so I had to get out.
MON short worked for about 30 cents and then also carved out a base. So I was stopped out.
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