http://www.stockrake.com

Initially I thought we would be heading down today based on yesterdays volatility. However, that didn’t pan out, but I recognized what the move for today was going to be early on and dropped my shorts in the index funds and went to cash. I was afraid to go long because the NDX was showing over 1% gain at the 10:45 opening price already.

I think today moved us back into a short term long trend. The market could have broken down today but it didn’t. The market did break down yesterday only to bounce near the close and save some ominous trendlines from collapsing.

I am long now. However, its a light long. If we see some back and fill on todays NDX candlestick I will look to buy more and get heavier in the trade.

Related Posts