Daily Log and Journal for 9/29/09

Trust:2

Votes:7

Views:174

Reading Assignments:

* Risk of an Oil Price Spike
* Candidates for 09/29/09
* World Blank Head See’s Dollar’s Role Diminishing
* Crude Oil Breaks Trendline (Technical analysis)

Market:

3:57 PM

RINO Closing on strong volume. I’m holding overnight.

[RINO chart]

3:08 PM

The market has struggled since the consumer confidence release today at 10 AM. The $CPCI has dropped to 1.30, below the 1.55 that Yong Pan gauges next day optimism. Tomorrow we will have second quarter GDP revisions and the Purchasing managers (PMI) index. These two releases will set the tone of the market for the day.

I’m right at breakeven on my buy today, RINO. I may not hold overnight, since my intention was to have this as a day trade. it may have made it to my target had it been the bull day I anticipated.

Not taking on any more positions until tomorrow or after, and I can get a better gauge on direction.

10:56 AM

It’s possible we’ve hit a high for the day. Watching to see what happens to the market around 11:30AM to 1:30 PM. Notice large red candle on the DOW as the Consumer Confidence numbers were released:

Read the full article: http://finz.tv/posse/2009/09/29/daily-log-and-journal-for-92...

Tickers: OIL

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