Day Trading 8/4/09
Tuesday, August 4, 2009 @ 03:08 PM Author: Anthony
Monday was mostly slow with a few short bursts of momentum. Today the markets opened with some low volume chop. It was actually the afternoon that offered the better momentum. Our best trades were in FAS, FAZ, RIMM, and SKF.
Again the pullback that many people seem to expect isn’t materializing. The SPX tried to break under 1,000 a few times late in the trading session but couldn’t do it. Shorts are still too scared of getting their hand slapped in a fast rally or v-bottom. For now I still put more trust in the long side until we start seeing more consistant momentum on the short side. SPX support remains at 1,000. Keep an eye on it.
ShogunTrading.com
