Wednesday, January 21, 2009

Bullish day

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.