Here’s Why I Can’t Wait For Friday’s Trading To Begin
Editor’s note: The following is a quick update
from Dave Goodboy in view of the strong reversal in the final hour of trading.
Dave will follow up tomorrow morning with a deeper analysis.
Thoughts on end of day
Thursday was an absolutely brilliant market for index daytraders. Once again, the
DJIA moved from the bottom of the channel at 10597 to almost the channel top of
10703 closing at 10685. Our shorts were quickly and painlessly stopped out
at our stop level of 10607 and the system went flat.
I am staying flat
until 10703 is violated per the system. A great market for daytraders does
not a great swing trading market make. In fact it is often the opposite, the
DJIA is oscillating wildly within our channel but simply not breaking out in
either direction enough to result in profit.
Keeping the course here and
awaiting the signal to enter. Our GOOG shorts are smoking again, adding an
additional 1.63 points of profit today. The X longs also performed very
nicely today up another .35. See everyone in the morning with some deeper
analysis.
Have a great night!
Dave G