Wednesday, March 04, 2009

Technical Picture - Dead Cat Bounce

Today's rally felt lame, especially with the sell-off into the close. Friday's jobs data will likely give more clarity. Until then we have initial claims (consensus 650k) tomorrow in pre-market and factory orders at 10:00.

Gapping after hours ADBE, SIGM, and GYMB

9 comments:

Trader 504 said...

Hi Jamie,

I actually shorted GYMB this morning on the break of the 4th bar on the 5 min chart. Is that a trade you would have taken?

Thanks

Jamie said...

504,

Yeah, that's a good entry, price was rejected at S2 and fell back down.

sJ said...

futures pointing negative...the rally couldnt last too long...

Jamie said...

SJ

Yeah, feels like we need a more meaningful bottom before we can really rally.

TraderLars said...

naz is looking ok to test 1400

cheers

TraderLars said...

almost tagged my level today.... not a bad call from last week.

Jamie said...

Lars,

I want the extra 15 points ;)

TraderLars said...

you wanted it, you got it.. 1400 .. lets see what info 1450 gives us... this market is hella pumped up...

insane bond and oil trades in the last two days i've been hitting 6R, 7R, 8R+ trades ... amazing.

thanks for the great site that helped me retool my approach.

Jamie said...

Lars,

Congrats on awesome trades. I've been hitting some big winners in biotech and oil.

Let's see if we can have 4 higher closes in a row.