Monday, November 22, 2010

Market Update

Just a quick market update for the day.

Market had a lot of action today to end up right where it started.  Hard sell off followed by buying all the way up to the close.  Market bounced off of the upward trendline and quickly moved back to the 1200 resistance. 

Currency pairs are still playing out nicely and will keep still need to keep an eye on those. 

I did close out my MEE position today for a nice gain.  MEE finally announced they were going to start accepting offers to bid and the stock immediately jumped +5%.  I announced on Twitter that I was moving my stop up to $51 and I did get taken out of it at that point.

MEE still has room to move up so the run may not be over.  I chose to close the position because when the market gives me money that easily I have to not get greedy and just take it.

Have a good night everyone and I will be back tomorrow with the Morning Madness

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