Wednesday, January 13, 2010

Technical Picture - Markets Bounce Back

Broad based buying brought back stocks after yesterday's losses.

AMZN came within 15 cents of the December low and bounced. Before attempting to catch a falling knife, we wait for a base to form. The daily pivot S1 held as support and we entered long off of the 5 min. timeframe. Closed the day trade at R1 and hanging on to swing trade with BE stop.

HCPG had many similar setups with lots of triggers.

2 comments: said...

Hi thanks for posting the AMZN chart... Personally I'm amazed at the continued strength of the overall market. This is clearly a jobless recovery! Enjoying your updates.

Jamie said...

Thanks Tim,

Agree, eventually the lack of real economic recovery will catch up to the markets and we will get a sizable correction.