Sunday, November 15, 2009

Technical Picture - Waiting for the $USD to Find Support

Now that the laggard DIA has finally filled the Lehman gap, we just need to wait for the $USD to find support and reverse in order for the markets to begin the anticipated correction.

Despite higher highs again this week, the markets are moving on lower volume which means that institutional players are not enthusiastic at these levels and the bears are side lined (no market squeezes). Good daytrading opps are few and the focus list is slim. OPEX this Friday and Thanksgiving next week will put trading in slow gear, notwithstanding a catalyst.


Stewie said...

Hi jamie. it's been a while pal. hope you are well. Your statement that reads: "Good daytrading opps are few and the focus list is slim"........

That rings so true to me and many guys in my chat room complain about the same thing. these low volume grinds higher make it very hard to spot nice solid setups! far and few between to say the least.

good luck!

Jamie said...

Hey Stewie,

Yeah, agree 100%! Trying to sit on my hands during the grind until really good setups come along. Otherwise, I keep getting stopped out. Yesterday, AMZN finally sold off for me in the afternoon - nice runner. Hopefully, we will get some sort of correction soon.