May 222012

Today was a tough day.  Off the open we broke the OSL to the downside and I thought we’d go lower.  Then the market reversed and broke OSH.  News interfered with getting long here and after news the pullback was very quick.  I entered with a limit and the market ticked up.  I moved my limit order up a tick.  This happened a few times and I decided I wasn’t going to chase it.  And so I missed it.  That’s OK because I don’t like to chase, but from now on I’ll just enter by hitting the bid/offer to make sure I get in.

The market went up to 25.25 (I tweeted that I was watching this level) where it stalled.  Buyers were very active and sellers were too, hence the mix of buying & selling signals.  Trade location favored the short side however this looked like another trend day so I stood aside.  After that I was done.

I did watch the last 90 minutes though and the move down was very impressive, but the snap back up was even more impressive.  I’m not sure what’s going on here but this is very volatile.  So I’ll be cautious for tomorrow’s Globex.

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