Today is Thursday February 25th and the market puts in a real nice reversal today.
Two days ago, we had a sell off that I had been anticipating, it came and was a pretty good move down. The market rallied up off that as I had thought it would do, to pull in those thinking the rally up was resuming Yesterdays market moved back up pretty nicely and we stayed up for the session. Since we stayed up from yesterdays session, the market had some catching up to do on the downside and that was the second anticipated move. It did have the makings of a down day as I mentioned the other my previous post, but the sell off did not go exactly down as far as I thought it might.
It looks like the turn around happened today. Everything else is working out as I thought except we did not go down as far. Today we closed at the highs of the day.
Now, the big question is will we continue with the next part of the scenario I layed out a few days ago. That part said that we would rally big over yesterdays high once it was put in.
We will have to wait and see, but everything looks like it will rally. I know their have been some pretty bad economic reports out this week. Investors and traders are probably going to be scratching there heads trying to figure this out, but that is exactly what the market likes to do. Mess with peoples minds. Don’t be one of them.
Ok, today I took three trades. All gains. I scaled out of all of the them for several points total. The first two were earlier in the day and the last one during the last hour. I could have traded more, but I am finishing up some updates I have been working on and doing a few other things.
The market has been acting pretty well over all. The volume is not huge, but it is better. I would expect the pace to continue and possibly heat up. If you click on the chart below, you can see a large picture of the trades I took.
Thats it for now, more to say tomorrow I am sure. Good Trading !
