Friday, March 13, 2009

Bull is back (for now)

All my indicators are bullish except with a question mark on the trend of decreasing volume. I started my day with a limit buy order on yesterday's closing price, which did not meet at the open but was bought sometime during the day. Now, I will watch the market's price action and volume. There are significant resistances coming soon. So, keep an eye on that important thing called volume which is proxy for participants. In an auction market it is the participants who make the market and keeping an eye on them is probably the only way to make money in the short term trading. I have also placed a limit order to sell SSO at 10% loss from present price, viz. $16.27 since the daily fluctuation in the market is about 5% in SSO and I don't want to be whipsawed everyday.

1 comment:

  1. vix increased today. many are protecting their gains from the last four sessions. all my short positions for puts were closed today except for ICE.

    ReplyDelete