Morning Update: 1/13/2012

 

12:47 am…

The  market had a very interesting session today, with a 5-wave, sharp sell-off to test support at yesterday’s lows, which held. Which help start a very strong rally for the rest of the session,  rallied right up until the last 5 minutes, reaching new highs for the entire rally on the Nasdaq 100, and minor highs on the S&P 500, but indeed backed off the last 8 minutes.

Today I executed two trades…

NQ_F was a medium size allocation long that turned out to be the only trade of the day. This setup is something I have been working on for a few months now and seems to be a promising and profitable trading opportunity. I am slowly increasing size with this setup as I work out the nuances.  +20 on this trade or +$2,300

YI_F this was a balance extreme trade I left on as a swing play. was stopped out this morning with the economic new release. Thinking about now entering trades at all or going flat when there is news just to volatile. This was a lost. -$423

Reviewing the hourly/range chart patterns, the indices were down sharply in the morning, held about mid morning at key support levels from the last four sessions, and then rallied sharply the rest of the day, closing with gains on the session.  Tomorrow’s news of concern…. Trade Balance @ 5:30 AM… Michigan Confidence Numbers @ 7:00. Monday the  market is closed due to the Martin Luther King Holiday. Enjoy the break and come back relaxed and ready to go again!

Trade Well,

Olof Thomas


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