Off the Charts
It was deja vu all over again in the market Wednesday. Today's action was a lot like Tuesday's. The S&P 500 fell again on continued European concerns for the 5th time in 6 days. The Dow was hit the hardest, closing down 0.75%, while the Nasdaq showed relative strength only losing 0.39%.
The market is back in a correction, and this is an environment to take trades quickly. A strategy that has been profitable this week is trading with pivot points. On Tuesday, the pivot point in the SPDR S&P 500 (SPY) was $135.76 which was the level to short in the morning that became the level to buy in the afternoon for cash flow. Yesterday, it seemed unlikely that Tuesday's reversal was a reason to roll up shorts and get long....727 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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