Sunday, January 25, 2009

Video - Weekend Market Summary - 1/25/09

Here's the video for the upcoming week - I am trying to remain as neutral as I can because we are in a short consolidation here and the number one rule of trading is to always respect Mr. Market. Based on my setups, I am still leaning short and if I had to guess, I still think we are setting up for a big move lower. I still see a lot of potential bear flags and very few long setups that get me excited. We need leadership and I just don't see any out there. That being said, I know the market can do whatever it wants to and if we somehow climb above the moving averages sitting overhead right now, then I would probably get rid of my bearish thesis. Short-term, things are pretty neutral and until we break out of this area, difficult trading conditions will likely remain in place. Hope the video helps - have a great week and good luck!


pikkles said...

Nice video(as usual). We see the same set-up on GS and JPM. I was on another blog friday night talking about that set-up. Good luck Mac.

Bad Crediter said...

I also have to agree with your views here. All the bad news is not out on the market yet and there are still people who believe that this dip is just a small correction rather than a full blown recession.

When more data comes out and the more the optimists see the real picture a definate downward trend will start again.