Wednesday, January 21, 2009
Quick observation: Wednesday January 21 we saw almost every sector rally. I personally found it hard to get with the trend of the day, especially after the morning sell off seemed to confirm the longer trend. In hindsight what signs did I miss?
Mid day IBM was +$6, MA +$10, GS +$9.
This left a few hours of one way bullish action (most of our desk was able to get involved long). It seemed the leaders were the weakest from the previous 3 days (financials, credit cards, REITs). A previous post tells us to listen to the market. As short term traders it is not our job to make predicitons, but to trade what the market gives us.
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