Retracement Complete And Safely Under 8,000

April 21st, 2009

Decent pop today. Mostly led by more news out of the financials – at least for now. If you saw my last post you might have noticed that I said we must stay below 8,000 on the DOW which we did even though we rallied today. From the chart below, we hit my resistance target and ironically enough it’s roughly the 50% retracement of yesterday’s big move down. Honestly there is a lot of open air below all the way down to 7,750 so any more downside moves are again going to be very quick. Though our shorts took a couple percentages off our profits – 1-2% – we still had some short move even lower which is a great sign. Trading Video tonight will be very important with regard to new market targets for eventual LONG entries in the coming weeks.

 

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Now, I also am looking for your opinions on something. As some of you have already noticed – and gosh you all are fast to email me when something changes on the blog – there is a new Option Writers page that is “under construction.” Per requests from hundreds of people, I am in the process of creating an Options Only newsletter for Wealth Creation purposes. This newsletter would be very – again VERY – in depth with regard to risk, reward, and time horizon of these Option trades. Basically, I am looking for your feedback so if you talk just 2 mins and let me know what you think I would appreciate it! Let me know your thoughts!

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