Yesterday saw more red in the markets and we’re now relying on the July highs for potential support for the S&P and Dow. This remains an important support zone with much trading activity which you can see during August and September.
In terms of your guided discretionary trading this market wobble should have been well contained and the key now is to stay focused on the charts, waiting for clues for potentially obvious moves. For me this means keeping my eye on potential reversals. Not much evidence of that today, but it can only take a day or so for obvious signals to present themselves.
Out of interest I did indulge in some reading of market commentaries yesterday … and was thoroughly confused afterwards! One commentator said this, another said that. The major banks can’t agree on what’s next for oil and the markets (Bank of America and Citigroup are at odds over what will happen next), which reaffirms my stance of simply waiting for those obvious clues.
The OVI and our favourite patterns will guide us and right now, while there’s a bearish whiff about the markets I know I can play them most sensibly by trading what I see and/or waiting patiently for an obvious signal.
The seminar online DVDs have now been deployed. Remember, there are 4 online DVDs each with several chapters.
