Market Musings and Trading Plan for February 28, 2007
Market trend:
|
|
Hourly |
Daily |
Weekly |
|
S&P 500 |
DOWN |
CHOP |
UP |
|
Nasdaq |
DOWN |
CHOP |
UP |
Market Watch:
Well I will not go on same tirade that can be read all over the place. Yes, it was bloody today. And thankfully I was ALL cash. Next best thing to being short J Today’s action undoubtedly did a lot of technical damage everywhere. The question is: Now what? Do we keep going down? Do we turn back up and go to recent highs? Do we just linger here? Do we get a short bounce and then move back down? I have no idea what will happen, but I would like to get in on the bounce that happens, whenever that happens. So from tomorrow on I will be looking at the very few stocks for long entry which are still left with some technical picture which is not a mess.
SPX: Talk about a wide range day. All the gains of the year wiped away in one day.
COMPQ: Gap down to the top of the trading range of last month and all the way down to the bottom of the range.
