Market Recap – Page 2 – Bobby's Trade Journal

Market Recap – Dec. 2nd.

So the short trade didn’t pan out well. This market is starting to put in some rallies. Is the down pressure done? Or just letting up a little for a while. Looking at the chart, it seems it might go up a little before trend line, and Fibonacci resistance.

If DOW breaks above the trend line and Fibonacci level .5 and closes, it might be a reversal here. DOW will have alread put in a higher low. Last higher low (if it can be called low) was around Nov. 9th and was immediately broken. CMF shows some buying pressure building. Although, with 700pt move, the CMF swing wild.

This couldn’t happen at a more inoppurtune time for my Puts. Oh well.

Another almost 200 points! So yesterday’s 300 points and then today! That’s almost 500 points after a 700 point down. Only 200 points left to break even.

Will there be a minor pull to the downside? It’s very possible. I will look to exit my positions on the Puts.

Markets Are Still Down

Well, the market is still down. The indices are painting red with no worry. What can ths mean to us daytraders? In the past, my posts have been focused on going long and on indices showing long term buying signals. In these posts, what’s not reflected is that despite the long term indicator signals the potential to daytrade is still present.

So today was a 600 pointer red day! Well after a number of green days, this is a first red day. Probably the market will pull up in the morning. At this point it would be good to enter some short term short trades. Buy puts, short shares, buy reverse ETFs, etc. Having said all of that, let’s see what the DOW charts show.

The Fibonacci retracement shows that the DOW retraced to .618 level, then just powered thru all resistance to the down direction. It will probably go up to .382 or .50 level then go down. Seems the 0.00 level might be easy. It’s a previous known low in recent days. There’s a little resistance at today’s close.

Actually, that is almost 700 pts!

Down, The Trend Goes!

So the market is going red. This was more expected that going green. As shown on previous charts, the market technical divergence is showing strong and I should make it clear indicate an impending reversal. My previous post says it shows reversal. A reversal is only present when it happens. So that charts only show impending reversal. How long it takes to reverse of whether further technical indicators evolve showing more downside is upto the daily market swings – or in other words upto the fear of the traders.

Market Recap – Nov 26th & 28th.

Almost 349.xx points! The whole week was pretty much green. So what will the next week bring? It would sound as if the market has finally changed direction. However, the market sentiment might still be leaning to be bearish. Many technicals on the DOW are diverging to show trend reversal. But this trend reversal is going to be swing or slightly longer term reversal. That would mean, Monday could still be red. The market might go down from here little more then rebound. Or it might simply rebound. We don’t know. The first few hours on Monday should be good indicators.

MACD, CMF, RSI are showing positive divergence. CMF shows buying pressure. Monday is looking at trendline, normal, and Fib resistance. If it breaks, above, it should continue on to 9000 mark. Then eventually to 9500 mark.

Market Recap – SPY Analysis – Nov. 24th.

SPY performed well today along with the market. SPY is the S&P500 ETF that you can trade and trade options on. I wasn’t sure yesterday which way the market will go. Will it, after having gone up on Friday, go down today? Or will it open green. So far the sentiment is bullish. Bouncing off of long time lows. S1 was the support point on the way down. On the way up, it would be resistane. it was breached and the candle held. So this should be a support point now. Next resistance using S&R lines would be R1. However, the trendline in blue on the top would be the next resistance probably.

RSI is positive, MACD is turning up and about to cross the trigger line. Is this is a buy signal? Well, I don’t know. But during the day this morning, the market had good signals.

Volume was very low earlier on the DOW, and by close it was high. On SPY the volume was average to high. This should mean good thing for tomorrow. Dec 87 calls that I’m holding in my practice account are only down $400 or so now.

The Fib retracement levels should also be a good point to use for trading.

This is the market recap for the day. Almost 400 points. That’s good. Now, if the 9K is reached, it might be good news soon.

Market Recap – Nov. 21st.

So you, the reader, might be wondering why I post the market analysis on here with the market performance for the day. This is normally not an analysis but more of a recap of the days market direction. The main reason is because this is my trade journal and I want to look back as many days as I’d like and see what the DOW and the market did and how far it fell or rose.

Additionally, there’s no other place that will archive it in numbers. Sure you can look at the daily chart on the stockcharts.com site of many other site, but you can see the exact numbers nicely listed.

Anyway, it was a sudden move towards the end of the day. If I had held my position it would have been a nice profit for that effort. But from the normal events of the day, it just seemed those options would expire and the entire premium would be lost. So I thought to just sell at loss. And then it rallies. Oh well, next time, I’ll just hold. Additionaly, being expiration day didn’t help.

I’ve gotten good advice on how to daytrade. I will follow it as much as possible.