Market Musings and Trading Plan for February 21, 2007
Market trend:
|
|
Hourly |
Daily |
Weekly |
|
S&P 500 |
CHOP |
UP |
UP |
|
Nasdaq |
CHOP |
CHOP |
UP |
|
DOW |
CHOP |
UP |
UP |
Market Watch:
Surprisingly for me, the markets pushed up yet again today. I looked at the market early in the morning and it was handsomely down and I thought to myself that it’s nice that we are having a nice and healthy pullback. And I look at it after a couple of hours and it is taking out recent highs. That was very surprising and not particularly good for me as all my positions are closed out. In any case, that long tail of today would have taken out a fair amount of stops. I know mine would have been even if I was still in the market. Today’s action just means that we have to wait longer for that pullback before we can get a piece of the action.
SPX: SPX continues upwards taking out the last swing high. Now to wait for the pullback!
COMPQ: NASDAQ had the highest percentage gain of them all with a wide range candle which augurs well for the bulls. It has recently been forming higher lows so it is getting there. Hopefully J
DOW: DOW = SPX!!
