Day Trading 11/8/09
It has been a news-filed week. The Fed announced they will keep interest rates steady for the foreseeable future which should further weaken the US dollar, but on the other hand foreign governments want to support the dollar to protect their investments. Then on the other, other hand India made a large purchase of gold using their US dollar reserves. Unemployment continues to rise yet GDP and productivity is supposedly up (if you trust the numbers).
While the news makes catching longer term trends almost impossible the extra volatility has been good for us on the shorter term charts. We’ve been most active in FAS, FAZ, AIG, USO, AMZN, AAPL, RIMM.
Stick with the short term charts for Friday and we can start from scratch next week. There won’t be any major news until Unemployment Claims before the open Thursday.
ShogunTrading.com
