Rhody Trader

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

For a while there I was thinking it was going to be a losing day for me today, but the late rally turned that around and I went home a few points to the better. That’s always nice.

The price levels of interest included yesterday’s 1393 point of control, yesterday’s highs at 1399, and the single print point at 1385, which was essentially a rejection level on the rally up.

The market opened the day very close to that 1393 level, which suggested we could be seeing some further consolidation around that area. Things turned weak, though, pretty early. I was able to get a quick short in when I saw that things weren’t going so well, but ended up getting out for only a small gain when the market started showing signs of support in the upper 1380s.

Of course the market would later continue on lower. Not only did I miss out on additional gains from the short, but I’d actually gotten long when I saw some strength coming in. That position got stopped out for about a 4 point loss, and I was in the hole by a couple points for the session.

The market got stronger eventually, but it spent a lot of time in those upper 1380s not doing much of anything. Late in the day, however, I started to see some internal strength building again, and got long for another try. It was a real grind for some time, but once the market got through the 1393 level it shot up to make new highs. That was predictable since Thursday’s highs hadn’t been rejected.

Trackback URI | Comments RSS