Friday, February 5, 2010

02/05 Daily Summary

We got a hammer Today! That indicates we can have a positive Monday, at least a pull back. To me, it also means that if we break this hammer and close on a new low on Monday it will be a fast down-move in the horizon. One way or the other my job is to keep the positions for as long as I can so I can get theta in the process, so I’ll be working on it.

The OEX brought home the bacon. Now is wait for Monday and get on again. The NDX trade is still in the board, while the MNX got hit with the whipsaw from Today’s hammer and I’m shutting it down a bit more aggressively than the NDX.

Before I go and let you enjoy the weekend, here is food for thought: Look at the number of how many days with over 1.5 st. Deviation and 2 st. Deviation on my daily chart! WOW! This is a wild cycle folks, make no mistake about it.
Have a great weekend! Cheers!

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