The BIX (banking) is back in the channel and found support at the former trend line, now 391. Resistance is September highs at 395.20 (yes, you read right, still trading below September highs) which is also its 10 day moving average. Bulls need it back and soon. No rally is to be trusted without the financials. Bulls got the ball back with a nice interception this week, now they need to avoid a fumble. Chart.
Some traders keep pointing out the long side, but frankly, everyday sees great money on the short side for experienced day traders, usually at the open. It's quick and very profitable, just don't hang on because it's no the trend. But you can make in 30 mns what it takes bulls to make in four hours. Just look at the NQ chart from 9:30 to 10. An initial pop to 1798, 50% and wham, they ride it all the way down to 1783 before the first half-hour is over. The bulls don't make it back to the highs until 1:30 PM, over four hours later. That's like watching paint dry.
Some traders keep pointing out the long side, but frankly, everyday sees great money on the short side for experienced day traders, usually at the open. It's quick and very profitable, just don't hang on because it's no the trend. But you can make in 30 mns what it takes bulls to make in four hours. Just look at the NQ chart from 9:30 to 10. An initial pop to 1798, 50% and wham, they ride it all the way down to 1783 before the first half-hour is over. The bulls don't make it back to the highs until 1:30 PM, over four hours later. That's like watching paint dry.
This entry was posted
on Thursday, November 30, 2006 at 11/30/2006 08:31:00 PM.
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