Monday, December 5, 2011

Another day.....

Another day, another big gap up that basically voids the price action from the previous day.

Friday's trade was weak and the close at the lows suggested some follow through to the downside.

If you watched my videos, I didn't get bearish based on Friday's action, but was concerned. Silly me. I would still love to see a pullback for a buying op.

Today, we pop open hard, even hitting a new overnight high just before the open, which was a gift for aggressive day traders/faders. Otherwise, this has been a torturous market for the swing traders who use end of day signals, which thankfully I (currently) don't.

I don't know if we rip it like Wednesday, but breadth is +2k and we are not seeing much in terms of a pullback. it could turn into a chop day as we form a high level base, but I'm going to wait for the first hour's range to be put in.

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