Day Trading – The Bullz And Bearz

Retail Sales Data, Jobless Claims Better Than Expected

March 12th, 2009

Good morning traders! Looks like we are in for another choppy day of trading. The futures were down for most of the morning until the retail sales data and jobless claims report came out showing lingering signs of economic stabilization out there somewhere, and they have since rallied back. Regardless of where we eventually end up today, I think the most likely situation is that we pull back a bit more to re-test the area somewhere around the midpoint of the huge move we had on Tuesday – or roughly 700 on the S&P. From there we should likely see re-newed buyers coming back into the market. Here is the updated S&P support and resistance targets. Again, I can’t urge you enough to put these levels on your charts and use them for intra-day trading targets!

 

 

I have kept the stops on my longs fairly loose after moving them into small profit range yesterday. So, no matter what happens I am going to make money on all of them. But, I want to give this weak market room to move and do not what to get stopped out prematurely before the next big thrust up. It’ll be interesting to see how GOLD and OIL react today to determine if they are worthy of any sort of position. I’ll probably be back sometime during today’s actions to recap for everyone so check back soon. Happy Trading!

Comments are closed.