The markets cast their "no confidence" ballots yet again today, where the selling is not becoming relentless. Not a single relief rally all day long. We did have a little pullback to the 20EMA (15-min chart of SPY) that also coincided with vwap.
Volume declined on the trend down, while increased in the push up to vwap; curious that we didn't get a larger retracement beyond the 15-min 20-EMA Between the AIG news this morning and the pathetic TICK readings, we had a pretty high probability assumption as to where price was heading early on.So, with that our money plays were in SRS, SKF, SMN, et.al. right at the 10a.m. opening range break; resistance becomes support
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.