April will be a daytrader's month (April 01, 2009)

Hi folks, I am aware that there are quite a number of you who come over regularly seeking for some answers about maybe....whats coming next.

Let me share with you, I think April is a month to be very open minded with the market. Because I expect the market to pop and drop more frequently. So don't be overly bearish or bullish and remember to take your profits and learn not to get too greedy.

I sensed that the market was going to rally this morning because I happen to have IBM on my watch list. Frankly speaking I was gonna short IBM this morning, but changed my mind.

This was followed by some skeptical price action on the SPY for the first 1 hour of the day and sure enough the rally started when the financials and the transports joined the bounce.

From today's action, commodities were the worst performer due to cautiousness in the market about tomorrow's EIA report. Week after week, the story is more or less the same. Furthermore, there will be an ECB decision on a possible revision of the interest rate this Thursday. This adds some bearish sentiment on the Euro and will keep Crude Oil prices down for a short while.

The story on the charts still hasn't changed that much...will need to see what happens next

Ok, take care and good luck in your trading.