Emotional Detachment
A relatively quiet day when compared with
some of the large-range days that the market has experienced in recent days. It
appears as though the futures are poised to trade higher yet again. The best way
to play this market is with emotional detachment (that is always the case), but
even more important when the market continues to go in one direction for an
extended period of time.
The market continues to offer decent intraday setups (i.e., buying pullbacks).
Step up and make the trades. Sellers are becoming an extinct species intraday,
so hold your short-sale orders for the time being unless the trend on the one-minute
charts confirms a downtrend.
I did not have a great deal of time to put together today’s piece. I
apologize. I will leave you with the KTNs
(probably the most important part anyway) and will be back tomorrow with some
longer term-plays and insights on today’s action.
Key Technical Numbers:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
| S&Ps | NASDAQ |
| 1153.70 | 1589.83 |
| 1134.83 | 1563-64 |
| 1132.67 | 1540 |
| 1127.16 | 1536-37 |
| 1120-21 | 1523 |
| 1111-12 | 1510-11 |
| 1107.20 | 1485 |
| 1098.16 | |
| 1096 |
As always, feel free to send me your comments and questions, and I will see
you in TradersWire.