Tuesday, August 18, 2009

Slow with a few very selective opportunities today.

  • The “Trading RM" oscillator is still trying to break the downtrend line. A big move will likely see the oscillator start to spike, which is a definite sign the market is loosening and might be time to get more aggressive.
  • “Future(s)” gapped up as expected in last nights post, then the market tried to sell off to yesterdays lows, but buyers stepped in at 979. Today was the first time since November, where after registering yesterday’s oscillator numbers market did not have a sell off the open. The look for the selling to pick up on good volume never came. Tomorrow will likely be mixed action.
  • “Range” was around half the recent moving average including overnight futures. Market had a slow grind up on marginal volume. The range oscillator suggests there might be a good amount of downside yet to come.
  • “Going Big” was almost 2:1 weighted to the upside percentage when compared to downside. This suggests market is again choppy. Possible continuation in either direction… no real clear direction as for now. Market may look for a hard move like Monday’s, but be prepared for more slowness.
  • “Gap DaP” was looking for the flat to slightly up open, but market did not fill the gap completely to yesterday’s lows. Futures are again likely to be flat to slightly up tomorrow morning, but morning news could dramatically affect the days direction.

Still August trading, which is usually slower, be nimble.

Good luck and Great Trading.