Day Trading & Dow Directions 10/08/08
Well I guess I will be a parrot again…. Another wild day on Wall Street. We had a large hammer candle type ccandle put in today on the Dow. This does bodes well for tomorrow and prices would tend to extend in the same direction based upon this bearish candle formation. We closed just above the 0% retracement level and can not seem to get any traction to the upside. Visit my swing trading subscription page for daytradingthe DIA.
We need a global rate cut to help this market in the near term but we may be in for some pain over the next year or two in order to get out of this recession.
The momentum oscillators are still heading to the downside but have turned neutral today. The moving averages are still pointing down and that would suggest that there is more downside action to be had.
Please take advantage of the FREE Morning Call where Uncle Mike discusses Dow and & subscribe to my Swing Trading Subscription The Mechanical Monkey where we discuss our mechanical trades in ETF’s, E-Minis, NASDAQ & Solar and Alternative Energy issues.
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Uncle Mike
PS Check out our “Trade As A Business” course ( www.teachtalktrade.com/business_plan1.html) as we will be starting a new course in the comming weeks. Email um@teachtalktrade.com for information.
Relevant Tags:candlesticks, day trading, market directions, mechanical trading, monring call, moving averages, online trading, swing trading, trading systems, trading education
October 8th, 2008 at 7:49 am
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