Thursday, January 29, 2009

Technical Picture - Backing & Filling

After four consecutive higher closes, the markets gave back all of yesterday's gains. Bad data and weak earnings prompted the lower volume retracement. Financials lead the way down. Little on the plus side except Gold.

Wasted effort on this SNDK strategy to add to the swing trade on a break of the PDH. Ended up dumping the whole thing when the markets failed to bounce off of early weakness.

Missed the first leg up on ABX. After gapping and testing the PDL, ABX squeezed back up to the PDH, consolidated and extended 50% in the afternoon.

Base and break the NASDAQ futures. I was a little too confident of a gap fill lower and stayed in the second half too long. Should have had a stop at the 50% fib. level, but I didn't.

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