Dave Landry
12-06-2011, 12:58 PM
Random Thoughts
The market wasn't able to hold on to all of its gains but I'm impressed that it did manage to tack on 1 percent plus.
This action keeps the market overbought and has it bumping up against short-term and not-so-short-term resistance (aka supply). All of this is right at the well watched 200-day moving average.
All you really need to know is this: The big blue arrow continues to point sideways. So, if you're a trend following moron like me, there's nothing to do.
So, this is exactly what I'm doing today: I'm going to go to my weekly Italian lesson, stop off at the homebrew store* for some supplies for next weekend ("stay thirsty my friends"**), maybe treat the little lady to lunch, and then spend the afternoon looking at charts just in case.
I think it's worth repeating: The patient traders will win longer-term. Shorter-term we might get a little bored--by hey, we're not in this game for excitement.
Futures are flatsville pre-market.
Click here to watch today's Market in a Minute. (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
Best of luck with your trading today!
Dave
__________
Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.
Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.
Click here to watch today's Market in a Minute. (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
http://www.stock-monkey.com/ads/davelandry/marketinaminute.gif (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com (www.DaveLandry.com).
The market wasn't able to hold on to all of its gains but I'm impressed that it did manage to tack on 1 percent plus.
This action keeps the market overbought and has it bumping up against short-term and not-so-short-term resistance (aka supply). All of this is right at the well watched 200-day moving average.
All you really need to know is this: The big blue arrow continues to point sideways. So, if you're a trend following moron like me, there's nothing to do.
So, this is exactly what I'm doing today: I'm going to go to my weekly Italian lesson, stop off at the homebrew store* for some supplies for next weekend ("stay thirsty my friends"**), maybe treat the little lady to lunch, and then spend the afternoon looking at charts just in case.
I think it's worth repeating: The patient traders will win longer-term. Shorter-term we might get a little bored--by hey, we're not in this game for excitement.
Futures are flatsville pre-market.
Click here to watch today's Market in a Minute. (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
Best of luck with your trading today!
Dave
__________
Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.
Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.
Click here to watch today's Market in a Minute. (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
http://www.stock-monkey.com/ads/davelandry/marketinaminute.gif (http://www.tradingcommentary.com/mim/mim120611/mim120611.html)
You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com (www.DaveLandry.com).