What This Blog Is About

This blog is my trading journal. It contains my reasons for entering a trade and if I decide to put the trade on, my entry and exit strategy. My trade results will be recorded on my Yahoo Group site. A link to that site is provided below.
Do Not attempt to trade real money based on anything you see or read on this blog. It is intended only as a learning tool for my readers and myself.
If you are interested in learning to trade the Forex and Options markets, I encourage you to open a “demo” or “practice” account, use this account to follow my trading plans. Remember, Do Not use real money or trade in a real account based on the information in this blog.
All times given are in Hololulu Standard Time (HST) unless otherwise stated. I will sometimes use Greenwich Mean Time (GMT). To convert to your local time, click on the link below located under "World Time Zones".
New: Beginning February 25, 2007 I will edit each post and add the trade results.
If you have any questions or comments, send an email to Mrpipman@yahoo.com or use the "comments" link following each posting.

Monday, November 17, 2008

Market Update for November 16, 2008

While the Market appears to be trying to find a bottom, last week’s price action has resulted in conflicting indications from a technical perspective. During Thursday’s morning sell off, most Major Indexes saw their previous lows exceeded. This implies the down trend is still in place and suggests another leg down is possible. Later in the trading day, prices abruptly reversed resulting in a rally which took the DOW up 870 points from the day’s low.

Friday’s price action further clouded the indications when prices for the Dow Jones Industrial Average and the S&P 500 eclipsed the previous day’s high only to reverse in late day trading ending with a substantial loss at the closing bell.

Given the lack of clarity in the current Market conditions, the probable Market direction for the coming week is cannot be determined at this time.

Bob
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