Day Trading – The Bullz And Bearz

Stimulus Bill Only Stimulates More Selling, Markets Down 4.5%

February 17th, 2009

Talk about your all time back fire! I thought this bill was supposed to help the economy, not set it on another path towards another huge decline. Regardless, today was a great day for members and I. Our longs from last week we sold at nearly the recent highs and have been riding down our shorts – some of which were down nearly 8% today alone. As usual, we have a lot to talk about tonight on the trading video which won’t be until later tonight as I have a meeting to attend. But, I did want to point out how well my S&P levels worked again today. As you can see below, what was once support at 801 acted as the last resistance level today before the closing sell off. Note that the highs of the day were 801.20 and my level was 801.08. Not bad for these intra-day targets!

 

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