Wednesday, March 10, 2010

Another Correction?

Yesterday the market ended lower with a long black bar with a 59 points down. Does this long bar indicate that the market is going down at this point of time for a while or just another correction before the market is to go up again. Some analysts said the market was down due to the fall of crude oil futures below the psychological price of US80 per barrel. If you ask me ? I would say , "I don't know, Mike".
The market on Monday open within one of the forecasted suggestions but did not move accordingly.


The forecast for today;

If the market opens between:
1) 2697 to 2709. Buy after the market has moved passing up the levels between 2715 to 2723. If the market manages to beat up the level above 2730, the market may go further up. More significant if the market opens more towards the upper level of the 2697-to-2709 levels.
2) 2661 to 2696. Sell after the market has moved up 11 points above the opening level.
3) 2650 to 2660. Sell after the market has retraced passing down the levels between 2638 to 2644. More significant if the market opens more towards the lower end of the 2650-to-2660 levels.
4) 2634 to 2639. Sell after the market has moved up a bit and then falls 5 points below the opening level.
5) If the market opens other than the above, it is your call... I don't know guys, I still have not found the mechanism to place a position here yet.
6) If you are not sure , just contact your broker but not your brother-in-laws, they simply do not agree with you for being in this CPO futures market.

That's about it.

Have a nice trading day...Mike....( Australians prefer to use the word 'Mike' rather than 'guy'. Am I right?)

9.16am - a little bit of updating

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