Wednesday, November 24, 2010

Morning Madness

Good morning everyone.

A bit of a rough day yesterday if you were a bull as the bears continued to have their way.  Market has been seeing some unusually high volume for a holiday week.

The market just piled on a bunch of economic reports since there will be none the last two days of the week.  Market is closed tomorrow but will be open for a half day on Friday. I will still post a Morning Madness for Friday even though everyone will be standing in line out in the cold.

Today's reports were mostly positive with a couple of negative especially in durable orders.  Market saw another big drop in initial and continuing claims.  Market is currently up over half a percent going into the opening.

What we can expect today is probably not much movement.  There should be low volume for today since Thanksgiving is tomorrow.  The bulls will probably come away with some green.  Today could trend from 1173 - 1187.  A drop below 1173 will put in a new low and confirm a downtrend and the 1187 mark will touch the bottom of the broken trendline.  Again to not play both sides of the fence, I do believe we will end the day in the green.

I will not be doing any trading today since I have applied for a transfer in brokers.

Good luck in your trades!

No comments:

Post a Comment