Monday, November 17, 2008

11.17.08 - Building a Base?

I was a little bearish coming into the day thinking we may see follow through on Friday's end-of-day slide. However, the industrial production number has helped and we seem to be building a base at the mid-day. Perhaps we'll make a tradeable run back up to the five-day moving average before day's end. [Add:] If we do, be aware it may pose potential resistance.

I was supposed to be home at my "trade station" by now, but am stuck at the airport due to fog. Playing the noise feels less risky today with the lower vol, but I continue to play it safe with smaller size and "easy" profit targets.

Reading:

o Business Week/ The Six Unknowns
o MarketSci/ State of the Market Report

CLOSE: Well, I'm home. Choppy afternoon trade -- this market simply cannot catch a bid. More tomorrow after a good night's rest. I'd like to be encouraged that we are holding the range, but it's pretty hard to get excited about that right now.

No comments: