Tuesday, December 01, 2009

The Road Less Traveled?

Tuesday brings us right back to the same place on the journey, wondering if we're about to see a turn or just more upside. As mentioned often here, the big moves happen before the market even opens, and just take a look at my intraday chart on SPY and tell me how in to trade that chart with any semblance of sanity? Really and truly, to stay away from this tape unless you see an extremely high probability of a decent trade is about the smartest thing anyone can do at this point. But... some of us are more nimble than others and can and will find trades to capitalize on. Yes, it's tougher trading, but it can be done, so all is not lost. Other than that, I really have no pearls of wisdom to share at this point, nor charts that you haven't already studied yourself diligently looking for clues. We know these charts better than the back of our hands.

So with that, tomorrow's economic calendar includes: Challenger Job Report at 7.30 AM, Tim Geithner at 9:30, Petroleum Status at 10:30 and Beige Book at 2:00. Thursday finds our friend Ben testifying before the Senate Banking Committee.

Good trading into the afternoon and be careful.

Can you find a solid way to trade this chart?

This tape reminds me of Mike Rowe trying to sell a $35 cat bag.

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