Friday, November 06, 2009

Friday Mid-Session

It seems the politburo has announced 10.2% unemployment today, but this map speaks louder than even those sugar-coated numbers they spoon feed to the gullible public. Yes, I trade just like the rest of you, but I cannot, and will not hide my disgust and stay true to myself and those who know me well. Can I bury those thoughts while I trade? You betcha I can because it has to be done to stay profitable, and that's why we're here afterall... to be profitable. But as I was pouring through some charts to share outside of our usual views on the indices, I brought up RTH. Somehow, 10.2% UE continues to keep the RTH plates spinning in an upward spiral. Just food for thought. I've also included a daily and intra-day chart on SPY and what I see. A close below the March trendline is not bullish IMO, as this would be the second weekly close under that very important TL. Finally, USO is clinging to thin ice at the 50 EMA on the daily for those of you trading that sector. How the tape ends today is anyone's guess, and we still have Consumer Credit numbers out at 3:00 PM EST. Those numbers have moved the tape wildly before, so it's something to consider going into the last hour. Good trading into the afternoon, and keep those charts and calls coming fast and furious. ~Keirsten

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