1400 ET - Indicators started looking positive around 1315 ET, however, market is just below the 0930 ET open, which by many is a resistance point. Not looking for a break above this point, since the market feels weak. Also, the market usually does not show its true intention until after 1400 ET as the energy and bond markets start to wind down.
1430 ET - Good down trend into the energy market close. Psychologically, it is the most difficult for me to enter a trade when the momentum first change from postivie to negative or vice versa, but that point is also when the most profit can be made.
1500 ET -After the energy market close, momentum change back to positive, as the market failed to make a new low. Today has been an interesting tug-of-war between the bears and bulls. The 0930 ET open is still providing resistance.
1600 ET - Nice strong finish at the close, and finally broke the 1271 barrier this afternoon. Crude may go to $150, but not today.
Charles
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