Doesn't it make you wonder why BAC or C are up today despite reports saying that they need more capital to get through this depression? Well...I am not....
The government is going to make sure that the economy or the market will not fail...mark my words for it.
And our role as traders is to make profits from every trade we make....Not so much so about whether the market should tank or rocket upwards.
IMHO you are just wasting your energy and time worrying about that.
Lets talk about the psychology of the market at this moment. Traders are now waiting for any signs of pullback to get an opportunity to go long and short sellers are too scared to short
Under normal circumstances, the market will sell off after a big piece of news.....
Is this going to happen tomorrow?....Honestly, I don't know the answer yet...we just have to watch the charts to find out.
I am planning to remain focused on OIH, FCX, AMZN, Financials because... thus far the trading plan is still working.
Wednesday, May 6, 2009
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