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Dots

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TGIF

TGIF

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Friday, August 05, 2011

Who's squeezing who?

Cyclical bull market ready to quit?


Or time for Mr. Market to be picked up...


And recharged?


As a daytrader, it pays for me to be flexible...


With eyes wide open...


Because right now either the Bulls or the Bears could be squeezed...


So I won't jump into a trade unless it meets my 1:2 risk/reward ratio and sets up according to my trading method...keeping in mind that volatility is up and the potential exists for further large and wild intraday swings, along with some further intermittent low liquidity gapping sprinkled in for good measure throughout the day.


Here's what I'll be keeping an eye on next week...as well as judging market response to next Tuesday's FOMC report from the Fed (as well as the Fed's language in the report...do I hear any "intellectual honesty" in the message?)...current prices on these various charts are either at or near a level of support or resistance of one form or another...













So...


everything (and everybody) would be perfect...at best, all I have to go on are highest probabilities as opportunities unfold...will see how things take shape next week.

P.S. As I'm finishing this post, I've received a notification that Standard & Poor's has downgraded the U.S. credit rating from AAA to AA+ for the first time since it began assigning grades to countries in 1941.