Morning Update: 1/23/2012

6:07 am…

 

This week should be interesting as a market direction should become very clear. As Mondays typically have little to no action and as of late has had negative tone, will be trading lite and cautiously.  I am currently flat and will be looking to establish some new positions on Tuesday.  As many of us know the market is severely overbought and a pullback of a siginificnt level may occur at any time. Therefore one must stay diciplined and constanly awaare of market conditons and the current phase.  No news today… I will scan Daily, hourly, and range charts for opportunities and balance areas  so as to be prepared for directonal Tuesday!

 

Olof Thomas

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