Tuesday, August 3, 2010

Defined Ceiling

Yesterday's trade has given us a range of reasonable trade ahead of the nonfarm payrolls report.  For Tuesday through Thursday, on the upside, we are capped around 1126.  On the downside, it is harder to define, but a gap fill down to 1099 is possible.  Thus, I will be looking to put on a short if we can get a rally in the first hour of trading.  If I do get short, I will not hold it past Thursday.  I believe we can have a rally after the news phenomena on Friday.

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