Good Evening?? Traders and Investors,
Yesterday was another blah day for equities, although we did get some retracement/double fall line trading action in the forex markets.
Today, another beachball in water day where the futures pointed to a lower open, we got it, then we rallied all day and closed higher. The forex markets retraced over 100% of their overnight moves and the dollar closed at its lows against all pairs.
An unsuccessful Buffalo Bounce trade ocurred in the GBP/USD.
Looks like 11,000 is next for the DOW - it is a matter of when, not if. 1200 is next for the SPX and pushing higher is very likely.
If you are shorting or protecting, be vigilant in setting tight stops. No point in giving up all your gains via your protection trades.
Bernanke tomorrow and claims on Thursday.
See you on the mountain the next two days and be back at you Friday.
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