March 6th 2007
More Market Weakness?
I'm kind of disappointed because PCU didn't give a good setup. True, it crossed the 66.50 entry point, but I don't blindly buy or sell when a stock crosses my entry. I am always looking for a pattern that will support my entry. I don't want to be entering any position after a gap, unless there's a setup like a base or a triangle intraday.
PCU flashed a potential entry at 64.50, but gapped up today and destroyed any chance of that happening. We'll see what the market will give us in terms of more short setups. Today's gain in the DOW was overshadowed by the lack of volume. If we can get a push higher on heavier volume in the next day or two, I may rethink my short strategy. Until that happens I expect the market to bounce over the next couple of days, but ultimately head lower.
Where is the market headed? I don't know. But what I do know is that with the added volatility, I'm enjoy day trading much more and am looking to limit my swing trades.
PCU flashed a potential entry at 64.50, but gapped up today and destroyed any chance of that happening. We'll see what the market will give us in terms of more short setups. Today's gain in the DOW was overshadowed by the lack of volume. If we can get a push higher on heavier volume in the next day or two, I may rethink my short strategy. Until that happens I expect the market to bounce over the next couple of days, but ultimately head lower.
Where is the market headed? I don't know. But what I do know is that with the added volatility, I'm enjoy day trading much more and am looking to limit my swing trades.
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