Wednesday, January 2, 2008

01.02.08 - Couldn't Quite Break VWAP

Traders tend to lighten up and/or reinstitute shorts every chance they get on days like this... VWAP is the Volume Weighted Average of price.



PM UPDATE: Worst first day of the year since 1932 (Correction: 1983)? Come on CNBC, percentages are the only thing that matters -- that's really sensationalizing the matter. Doesn't change the fact that it was ugly. But, hard to know what to make of the first day of the year. Still a lot of tax moves out there on top of that fairly dower news.

An awful lot of technical buy signals -- I'm only taking them incrementally on the way down this go. Mood is as negative as the news and I don't want to be losing fingers on this one. As I've said for a while, if we do retest recent lows, this time I can see them breaking, and possibly hard at that. Exits on bounces are going to make it hard to hold for the longs. How is that for sensationalism?

NEVER INVESTMENT ADVICE

No comments: