Friday, February 13, 2009

State of the Market - 2/13/09

Short post today because it was kind of a boring day even with the market being down. As has been the case, we got absolutely no follow-through on the big bullish reversal late in yesterday's session - the bulls had a chance to shine and they choked just like the bears did yesterday - so this market basically continues to go nowhere. With Monday being an off day for the market, perhaps traders didn't feel like doing much over the long weekend. Whatever the case, things are still up in the air and I have no bias either way right now. The S&P is sitting right on its trendline while the Nasdaq is basically in no-man's land - right in the middle of a triangle. We aren't overbought. We aren't oversold. The oscillators are stuck in neutral. Until we break out of this tight range or this coil pattern we have been forming, I don't see myself doing much of anything. I made no trades today. Let's hope sometime soon we get a legitimate break (up or down - I don't care) so that some trades can be made for more than a few hours.

I will be back at some point this weekend with a more thorough look at this market and where we could be headed. I want to also show some of the charts I was discussing last night that looked decent - most of them held up just fine today. So I'll put another video together tomorrow. Until then, take care.

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