Market Action Very Positive, Sniped ANAD

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June 5, 2008

I said yesterday that I would buy heavily on a down open due to the bullish action yesterday/close. We didn’t get a down open this morning, we got a very strong open. Although the perfect setup didn’t take place, I still went in heavy to the long side expecting more up movement – breakout type up movement.

The RUT has broken out on several time frames as has the NDX. I also think the DOW and SPX require considerable up movement to repair their technical damage, so a +200 DOW day won’t be surprising or another day like today tomorrow. The week has to close strong to maintain the breakout.

I sniped ANAD this morning using a new technique I’m working on. Got in near the open @ 13.29 and out @ 13.58. There was more room to the upside and because this technique is new to me I’m still feeling it out.


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