Trading on the Edge

Market trend:

Market Watch:

I was back in so late yesterday night that I did not get a chance to write up the market analysis. Teatro Zinzanni for the winz!!

Anyway, the market saw second straight day of solid gains. Now what? I would love to see it keep going up, but I have my doubts. Such long range bars for two continuous days is going to need some form of rest. When I checked my open positions today, some of them seemed to be stretched a lot so I closed them. To others, I decided to give a chance. Let us wait and see where we go from here. It is definitely time to sit on your hands and watch and manage your open positions. Not to enter new ones. Today the breakout players must have had a gala day with everything triggering and following through.

SPX: SPX nicely took out the previous swing high firmly establishing the trend to be in place. Go! Go! Go! SPX take our longs with you J

COMPQ: NASDAQ gapped open above its trading range and continued to run up. If you look at last 6 weeks of price action, the index does seem to be making higher lows. So maybe, just maybe, it is showing some signs of strength. But hey, it is guilty until proven innocent. I will not be looking to trade techs till it has actually taken out the recent highs and then formed higher low. Until then, we watch J

DOW: DOW = SPX !!