Off the Charts
The markets were able to cling to overnight gains during today's session, with the S&P 500 finishing up 2.92%, and the Nasdaq even stronger, closing up 3.5%. After seven straight days of selling, we finally got one green day. However, despite the fact that indices held on to overnight gains, the intraday action was not particularly impressive.
From a trading perspective, most of the trade was taken away overnight. It was hard to get long after a nearly 3% gap up, and the action did nothing to convince traders there is reason to jump in long again. The market is broken, and taking quick trades is key in this environment. Keep your risk down at this point as the market still has a lot to prove. We are still oversold, so we could see a few more positive days to work off that reading....488 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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