Yesterday's intraday swings are almost enough to drive even the most serious trader crazy. The trading levels we have been looking at (as you should know from Kevin Lane's pieces last week) are in the SPZ 825 to 850. The one day move last wed turned out to be the "head fake" we thought it was, also as yesterday’s market open to the down side may have been too. (See chart on page 3). The SPZ came down and flirted above MAJOR support at 805/808, all the black boxes, etc started buying ahead of that level. Guess what? We closed at 825.
This is a frustrating time for many investors and many of our newer institutional accounts too. They all want the answer to which way, up or do??? Answer is BOTH. Our more active accounts are enjoying the swings with shorter term ideas (some intra-day).
posted by Peter Greene
10 Sunday Reads
18 hours ago
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