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.

Wednesday, November 5, 2008

Market Update for Wednesday

The Market took a day or two longer to reverse then I had originally thought.

While today’s move lower may seem alarming, I do not recommend you join in the panic selling which is likely to continue into next week. The Dow Jones Industrial Average and the Major Indexes may revisit the lows created in October but this is part of a normal bottoming process. The technical indications on the daily price chart, at least for now, suggest a sizable rally could take place after the panic selling abates.

Keep in mind, the long term outlook for the World Economy and the Stock Market still look very bleak. A break to new ‘Market Lows” is always a possibility.

If you are in the paper trade from last Friday’s article, keep the trade open. The technical indicators continue to support the position.

Bob

Apple will most likely fall to its previous lows during the bottoming process. It should rally from there. The technical indications imply a price of $150 is possible.
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