Thursday, May 27, 2010

05.27.10 - Explosive Open

...followed by sideways trade with a good deal of potential range used up in that first hour. Internals remain strong by all metrics. SPY price has been stalled at its 38% retrace (roughly), although the QQQQ and IWM have been able to maintain up-slopes and all three VWAPs remain positive. I think this can move higher, but have taken a little off the table to reinvest on noise and am trailing ATR stops all around. At present, I consider all longs as trades only.

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