It's nearly midday and the market has slipped from a steady open on the back of nervousness about the state of the US economy. The Chicago PMI was disappointing last night and the US indices fell sharply. The recovery through the day may well have been due to the end of quarter so we may be fearing further falls tonight.
Personally, I think that we're retracing Friday's rally and that there is more upside to come, but it's definitely a choppy, toppy period.
12.00 I bought back the Ipl earlier at 283 (v 288) as there's no momentum and I'd like to wait for a better opportunity.
I've also gone long some Lnc at an average of 174.7. This is a simple resumption after a sharp pullback and may not be the best signal in itself but the overall chart is very strong.
3.26 It's still a quiet period for me and I've been busying myself with end of quarter accounts. I had a couple of stops that I could have taken in Bly and Mre and because I wasn't quick enough I've decided to wait until the next swing low. Overall the market is now down 34 points but until we start making lower highs on the index I'm not too keen to sell on down days when it's a marginal decision.
4.16 The market closed down 42 points, near its lows at 4701. Mre is the one that's problematic for me, otherwise Lyc and Vba did well while Bly and Lnc are a little below my entry points but looking positive. I'm hoping that this three day grind down - which gathered steam today - has filled the gap on the chart and the market can rally tomorrow.
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