Thursday, January 22, 2009

Morning Observations 01/22/09

What is an equity trader to do? IBM and Apple are doing better than expected, but Microsoft is not. I was beginning to think that the market was just going to sit on top of yesterday's volume ledge all day. However, the market is currently trading into that area with the European markets finished for the day.
At around 1020 ET, the market was testing the resistance level of the day. It turned out to be a good place to short the market, but I was concerned as the $TICK made a higher high and the VIX was not as bearish as I thought that it should be. But, the market did trade down from that test of resistance.

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