Today’s Market Commentary Thursday March 26, 2009
Well we were on the money again yesterday. We took out Monday's highs in the first 30 minutes but we did not do it with conviction. It is now important for the markets to continue this rally to hold their respective daily 50sma's. As you can see from the daily charts the QQQQ have been the leader. Watch the 793 level on the ES, the SP500 emini level. That area needs to hold for this rally to continue. I think a lot of people got hammered by that rally we had the last 30 minutes of the cash market into the close. We did not and that is a good feeling because we strive to trade without emotion and ego and trade the charts. We shorted SPG and went long SRS and SKF for tremendous trades yesterday capturing our profits and going home with no overnight risk. We were unaffected or confused by the last 30 minutes of trading.
The market once again is pushing into overbought territory but [...]
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