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

4 comments:

Nergo said...

Great video as always.

Nergo

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.