Today is Tuesday, April 27th and the market took a dive today.
What a ride on Wall Street. Apparently, the downgrade of Greece and Portugal’s debt caused the Street to get a little nervous. This is what happens when the market is ready to retrace. People will look for an excuse to sell, but to them its a good excuse, PROFIT. The market has had an uninterrupted move for the most part since early last year, coming off the bottom. I would call it close to a “V” bottom for the most part. With such a deep initial retracement from 18 month ago.
Today the market sentiment numbers are taken and will be released for tomorrow. With this sell off, it may have spooked some to back off on there exuberance, but I won’t know until Thursday evening. Market Harmonic’s will post the numbers for free each week on there website. I find it as a very good tool in picking market tops and bottoms on the daily charts for extended moves.
As a daytrader, it may help a little, but overall you need to have good timing with little tolerance for large losses to do well. In order to achieve that, you need to know what you are doing. You will not get consistent results by accident, but keep learning.
I am just getting my site back up and still have work to do, to reconstruct a few things I lost, so it may be a day or so before I get back into the swing of things. On that note, I wish everyone the best.
Vince
Related posts:
- Market Reacts to Swine Flu
- Market moves up on bad news
- After Hours Market Sell off under way, Nikkei down 14%
- Key Market News- A Must Read
- Stock Market Sell Off
Tags: excuse to sell, Market Harmonics, V bottom
Please log into the site.