Wednesday, October 05, 2011

Technical Picture - Markets Extend Gains

Futures held their Fib levels in overnight trade and the markets opened near the PDH. On the US market open we had early consolidation in the upper range, which was followed by further extensions long. We ended the session near our Fib targets. Volume was lighter than yesterday. After hours, news of the death of Steve Jobs put pressure on NQ futures. ES futures still holding Fib retracement levels.

So sad to hear about the passing of Steve Jobs. He was such an important innovator. RIP

Initial claims and ECB conference in pre-market.

Since we were able to hold our gains overnight, it was safe to trade stocks on the long side today. I traded POT and TCK. Both trades were executed in the same manner except that TCK reached its target by mid-morning.

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