Yesterday we had huge swings in the markets. Anyone who stuck around to see the huge swings intra-day didn’t know where we were going to wind up. First at 9:30 AM EST a huge down turn when the market opened. Then late in the day another huge rally for 10 points followed by 15 point sell off.
lack of direction is an understatement expressed in Today’s price action of today.
We grabbed 2 points using the At the Open method and called it a day.
When the market lacks smoothness, I would rather grab a lower point value, rather than sit and hope.
Price action could be more favorable and a bit more trending some days, and that is where I would go for the 4 points.
Even in these volatile times we were able to capture a piece of the pie. With this big Stimulus package now getting passed, the markets still don’t have direction. Most of the day’s action was in a huge range and will likely stay this way because of the uncertainty revolving around the economy.
Will all this money move the market up? Who knows, but uncertainty will most likely continue without a major direction.
Is this something that I look forward to?YES!
The S&P will defiantly give us a ride, and as day traders we can catch some pretty good moves.
For now keep the 2 points profit as primary goal.
Watch me trade yesterday’s action: http://www.youtube.com/watch?v=DsaQaOPzhw0