- My scans didn't show me many setups on either side of the market and short-term, we aren't really overbought or oversold, so I don't think there is a real edge here in terms of taking trades.
- I am still looking for a shorting opportunity around 870-880 on the S&P and if we bounce a few more days, I will likely focus there. I don't want to force trades thought the next few days.
- Financials are very oversold and could bounce at anytime, but I think a bounce will just be another shorting opportunity.
- Beware of news events right now - earnings plus a new administration plus bank problems equals lots of volatility.
- Video goes over the indices and what my game plan is for the week.
Monday, January 19, 2009
Weekend Market Summary - 1/19/09 - Waiting Things Out For A Few Days
Well, after getting my share of great football this weekend, I was able to put another video together. Here it is for this past weekend. Main points for the video include:
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Not sure if things are going to bounce much more or not. However, judging by the futures this evening, tomorrow isnt looking good for longs or dip buyers.
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