After Market Commentary

Resilient rally

By Mike ⋅ November 27, 2007 ⋅  Email this post ⋅  Print this post ⋅ Post a comment

The markets rallied after coming off their highs of the morning, but remained choppy till the close with no particular interesting moves that I noticed on my screens. I made most of my money during the selling from the gap up in the morning. I suppose if I tried to bottom pick, I could have made more but that is a very risky strategy. I’ve known many traders that got wiped out trying to bottom pick, so explore this style with caution. It might work 8 out of 10 times but the times it doesn’t work will most likely bankrupt you.

I still doubt that any move up will hold in the coming month. The U.S. is in trouble and there is no doubt in my mind that we are headed into recession which means more trouble for the markets. As always, I’ll be looking for short candidates and any tradeable daytrading moves.

The holidays have been keeping me quite busy with family obligations. I hope everyone’s doing well and keeping warm during these cold months. I’ll post commentary more regularly soon.