Wednesday, March 17, 2010

What Goes Up...

...just keeps on going up? After being badly wrong on the market direction two days running back on the 8th and 9th, I decided to give it a rest for a while. I wanted to say on the 10th it was due to go down again, but thankfully refrained from doing so.

I almost hate to say it, but is the end perhaps finally near? The Dow closed at 10,686 today. This means we have very nearly completely retraced that nasty decline from January. It also means that 10,720 marks the first line of resistance from here. We're almost there. To make matters worse (if that's the right word), my trading account is now on a 14 day winning streak, shattering my old record of 6 days without a loss. Either I've become a much better trader, or we're due for a turn-around soon.

On the other end, 10,575 has become a fairly substantial line of support (blue line).

At least my gold play is panning out. I added to my position in AUY at 10.12 and again at 9.99 while it was consolidating over the last few days. Today it started to move and I believe will continue to do so. The next thing I'll be watching is natural gas. More on that soon.


  1. hi: i read your comment on dr brett's site, and, over time, i've seen other posts you've made at mike's. since you mentioned an interest in eminis (my intrest). why not post about this market from time to time. maybe even a room? food for thought.

  2. Good idea! I do follow the e-mini's closely though I don't usually trade them. I'm hardly an expert like Dr. Brett, but I'll try and post some ideas here as they come to me. Thanks for writing.


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