Tuesday, January 26, 2010

It is not easy out there....

Well, it certainly is not. Instead of declaring a winner tonight - bulls or bears - why don't I let you guys decide.

Bears - If you are a bear, you have got to like the close today. The market finished well off its highs of the day, in fact it finished in the red.

Bulls - If you are a bull, pretty much the only thing that worked for you is that the support levels I pointed in the post last night - 1091, 1085, 1070, 1030 - still hold.

Funnily enough, another thing that could work for the bulls is that kinda everybody now seems bearish and expects the markets to fall. The market is great in doing the unexpected....or maybe expecting the unexpected makes the unexpected expected. lol. Fun, isn't it?

I would personally try not to hold any shorts overnight till the market breaks 1085. That is still the key number for me here.

So let me know whether you guys are bullish or bearish here!

Almost forgot....I pretty much did nothing today. I got stepped out of my RMD position for less than 1% profit. Overall, I am pretty pleased with the patience and discipline I have shown this week. My confidence still hasn't recovered from the blow(s) last week but I like the way I am playing defense here. It's something that doesn't come naturally to me.

Good Luck tomorrow!

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