Thursday, November 08, 2012

Looking at that chart, it's hard to believe that the DOW futures are up 50 points, but when you get a 400 point drop from the highs yesterday morning, 50 lousy points kind of pale in comparison. There's big resistance at that red line that goes back to October 26th, we "tested" it yesterday in the little rally and failed into the close, we haven't tested it today, yet. 
When you get a big move like we had it's typical to, "REST", for awhile, and then "CONTINUE" in the original direction. Of course, that's under normal times, but with Bennie Da Pumper sitting there with his finger on the button ready to pump BILLIONS of our dollars into his master's on Wall Street, with directions to use the money to hold us up, who knows where we go, that dump left a HUGE Air Pocket, with little resistance to stop any rally's if we get above that line. 

08:23AMECB Holds Rates, Waits for Call to Unlock Bond Plan

Super Mario did exactly what you would expect of him after all his mouthing off, he did absolutely NOTHING, leaving rates unchanged and "WAITING" to see how things go before using the new bond buying program. Some of the head lines read "Europe Rallies on Greece Relief", hahahahahahahahahaha, I'm laughing because, OBVIOUSLY, the Greek people don't exactly agree with that idea. 

Some LONG "Ideas":
Some SHORT "Ideas":

As always, I consider these day trade Ideas only, the typical plan is to take the Longs over the high of the previous day and opposite on the shorts, use your own trade management, and for god's sake keep tight stops. 

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