This post is for Thursdays market and we saw a nice reversal from yesterdays move down, to better get ourselves in a position to move out and climb the wall of worry.
Yesterday I did say in a video I posted that we would see first 1080 and then 1085 just after the aftermarket trading opens up and that is exactly what we saw a high of the day when the market was 18 points lower or so with both of those targets hit to the tick. The natural flow of the market was for it to pull back yet again, to “create new pressure for the advance”. Well, that took care of the pull back and the new advance.
It would appear that we are ready for the market to continue on with this new rally that has just gotten under way now. A nice big trading day today with the Dow up 200 + and the S&P +23 and now more expected to come.
I will have to cut my post off short today. I traveled to Portland Yesterday morning to visit my son and my wife and I are having a great time. Took a jet boat up the Columbia River for a full day excursion and it was great.
I will have limited postings for tomorrow, but will try and get my thoughts in for the weekend for sure with charts possibly showing how high we go from here. So look back over the weekend and I will try and have that updated.
Just before I left this morning for our outing, I did have enough time to trade, about 50 minutes and was able to take advantage of part of the move after the open. I came in following things just before 7 am and picked up around 8 S&P points, but did scale out along the way, still very nice and painless. Its nice to walk away knowing that you traded well.
Until my next posting, Good Trading to all.
Related posts:
- Wall of Worry
- Market update May 26, 2011
- Just In- Chinese Market off 5% – What will Wall Street Do ?
- New Highs for the Market again, market call on target!
- Sell off on Wall Street, Market sitting on Major Support
Tags: wall of worry
Please log into the site.