Tuesday, January 12, 2010
Dip Buyers
Well the market didn't disappoint the dip buyers. I got in a bit too early and ended up averaging down, but the key today was to get long under 1135. Because I believe we will be trading back over 1140 on the ES by tomorrow. Today was about building a long position, not daytrading. Targets for the ES is 1142-1144 area. I believe dip buying will work till Friday. After options expiration, it will get trickier.
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5 comments:
Owl,who was your mentor for trading? You have some good comments here. I saw the volume come in last 15 Min today and got long (actually before that a little so I'm down a bit going into tomorrow. Stocks should lift in tomorrow's session.
You are correct that in most cases expiration dampens volatility and prevents trend changes from occurring until post-expiration. But once in a blue moon the opposite happens and a reversal is exacerbated by expiration.
No mentor, I just learned by trading and gaining experience. I never paper traded or tried to develop any systems.
china down 3% nikkei down 2% we are in disagreement with the direction of this market. i guess if people are nuts they can bid up the market tomorrow
Time to swing trade from Brazil (EWZ) to China (FXI). -Petsamo
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