Billy
02-02-2012, 06:02 AM
“When markets speak, it is our job to listen objectively, but the markets rarely speak clearly.” Brian Shannon – Alphatrends.com
Objectively, it was an impressive outperformance of IWM Wednesday within a resilient strong uptrend. But the buyers were not large players as the 20 DMF finished weak and in the red for the day. I know “only price pays”, but for how long when such an extended move is only supported by small players?
After a trend day like yesterday, the usual following day is a range day digesting the gains. By my definition, a range day is bounded by daily R1 (81.26) to the upside and daily S1 (79.83) to the downside. With our stop at 81.27, it only has a low probability of being hit today. If it is the case, the robot will stay in cash overnight. The suggested secondary entry at 81.24 is only for discretionary trades.
12575
Please read Pascal’s comment for closing the GDX trade at the open today.
Billy
12576
Objectively, it was an impressive outperformance of IWM Wednesday within a resilient strong uptrend. But the buyers were not large players as the 20 DMF finished weak and in the red for the day. I know “only price pays”, but for how long when such an extended move is only supported by small players?
After a trend day like yesterday, the usual following day is a range day digesting the gains. By my definition, a range day is bounded by daily R1 (81.26) to the upside and daily S1 (79.83) to the downside. With our stop at 81.27, it only has a low probability of being hit today. If it is the case, the robot will stay in cash overnight. The suggested secondary entry at 81.24 is only for discretionary trades.
12575
Please read Pascal’s comment for closing the GDX trade at the open today.
Billy
12576