Friday, June 5, 2009
How Rumors Change The Market
With the rumors flying around about numbers in question, I am staying on the outsides. They already reached one of my support areas at 936.00. They traded through and then rallied back up with decent volume. So now I wait to see what they do. I am still selling rallies because most of the volume is to the downside. If the market stays in an uptrend I will rethink my approach. My next big areas are 962.00 to the upside and 927.50 to the downside. Keep in mind that when I am sellilng rallies, I am selling at short term moving averages and getting out with small profits. This morning I held shorts because they held my price at 956.50. But when they hit my downside target(936.00) I am now selling rallies with tight stops and small profits using short term charts.
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