Saturday, February 7, 2009

Video - Weekend Market Summary - 2/7/09

Here's a video for the weekend, going over the indices and some short and long setups. I have about the same number of setups for both sides of the market, so I am trying to remain as neutral as I can. However, we are short-term overbought and I am looking more at shorting any more of a bounce we get here rather than chase it. The only thing I really see setting up on the long side are commodities, but these are so beaten down, I don't know if they would count as "leadership" or not. My guess is we'll remain in a news-driven, choppy, stock-picker's market. If that's the case, keep your trades small and take profits quickly. Good luck next week


Nergo said...

Great video as always.


Jeremy said...

Hi Mac
Thanks for your weekend update. It is so informative as always.
May I just ask you a question on the chart.
What charting service do you use? I saw you using this indicator RSI:Prd 2; Ave:2, which I find very useful.
I am using Thinkorswim charting but can't find this indicator.
Thanks again.

clint said...

I have been a fan of your site and i like your great perception on the market of today. As i am starting my week i am always watching and updating on your blogs because it seems you are making your blog nicely.

Mac said...

Thanks guys.

Jeremy - I use telechart - there are links on the blog if you want to check it out.