Sunday, August 31, 2008

Video - Labor Day Market Summary

Hey, traders. I am back for a video this weekend discussing the market and hopefully if the market cooperates, I will be back to regular posting next week. Right now, it just is pointless to write the same thing over and over each day. Let's see if volume picks up now with the summer ending and traders coming back from vacation.

Overall, I see almost no long candidates and quite a few short candidates, which vibes with my bearish outlook. The video goes through these charts. However, it is important to remember the market can do whatever it wants, so just because Labor Day has passed doesn't mean we have to start selling off on heavy volume starting Tuesday. Maybe we will, but I wouldn't be suprised of another week or so of choppy trading before this bear market rally really ends.

Finally, say a prayer for the folks down in the Gulf Coast, as it looks like Hurricane Gustav is going to be a big one. Obviously, this will affect oil prices and therefore the market overall, but there are more important things than the market. Let's hope that this thing loses strength in a hurry and those people can be spared more heartache.

Good luck this week and let me know if you have any questions about the video.

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