Why This Market Is Like New England Weather
Both major markets are again in
the red this morning, yet off their respective lows, as the “same old, same old”
war market rhythm continues. As a
result, trading opportunities continue to be limited to one-minute trends, as I
mentioned in yesterday’s column.
Both markets are in the midst of resolving trend conflicts on the daily (up) and
13 & 60-minute (down), and with the extremely light volume and much of the
recent price movement occurring in the thin overnight Globex market which has
largely been driven by Europe’s action, given the US/Europe war coalition,
astute intraday traders in the US seem to be stepping aside.
Yet, as is the case with New England weather, the more the current pace remains,
the stronger the ultimate directional move will likely be. In the meantime, a
turn on the 13 remains a prerequisite for a low-risk attempt at entering on the
current daily uptrend, with stops to the south which may have triggered on
Wednesday when the terror rumors hit the market.
ES (S&P)Â Â Â Â Â
Thursday March 27, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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2002 Quote LLC
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