Thursday, December 3, 2009
ENTANGLING: UNFAVORABLE MARKET CONDITIONS
RANGE COUNTER: 16 DAYS
So, it is the same story but on another day. Notice my range counter. We are now at 16 days and counting. Yesterday we hit the range high for the futures and today we headed back toward the middle of the range. Three market weeks and nothing. While many sectors and stocks have had some decent moves they have been short-lived. We need to have the futures break one way or the other. Otherwise it does not matter how many crosshair trades are triggered because you cannot be as confident in their success. Or, at the very least you bite your nails waiting for them to work. Just depends on what kind of trader you are and your level of risk tolerance. Maybe we will be able to move the range counter tomorrow but I would not bet on it. The financial sector charts are not looking good right now (as they are finding resistance below the 50 SMA) and we need them for this market to break out on the upside. On the trading radar, nothing really interesting setting up, but see my comments on NEWS FROM THE FRONTLINES. Four trades were triggered today (2 short and 2 long) but nothing exciting about any of them.