The S&P got above the 1294.50 area which was my upper target. In doing so, it opens the door to 1302 which is a confluence of Fibonacci levels and extension targets. Yesterday was the first time in many weeks that the market was able to exceed a 23.6% retracement, so the odds of a meltdown from oversold levels have lowered, but this isn't suddenly bullish, either.
Yesterday I broke one of my rules: the no new-trade rule from 10:30-11:45am, which corresponds to the European close. I was trying to short during this time frame and found myself up against a runaway bull. Like clockwork, the tone changed very close to 11:45 am. I've seen this happen so many times, and have lost money in this time zone so many times, that I was surprised at myself yesterday that I was breaking the rule. So the market reminded me yet again.
Over the last two months, I've noticed the market turn a few times at 11:00am EST, so I guess I was trying to adapt. It soon was apparent that I was wrong. I took my loss and walked away, a little bummed at myself, but thankful for the refresher.
Last night, politicians in Greece voted to continue their support for Prime Minister Papandreou. They are still broke.
Today is a Fed decision day. The market may chop until around 1 or 2pm EST.
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