Friday Review 08/01/09

Yesterday my mind was not totally on the market activity. I was dealing with a family issue, and probably should not have tried to trade at all. That being said, I still made a small profit yesterday, but more out of luck than skill. Here is a better review of yesterday's activity.



The low yesterday was very near a 50% correction of the previous day's up wave. Resistance was right at the mid-point of the small equilibrium zone created on Thursday.



Money flowing back into bonds helped keep the market below the volume resistance. Fading the test of that resistance level was indeed the correct strategy for Friday.



The Volume Distribtution chart better shows how the market stayed below Thursday high volume resistance. Volume trailed off as the market approached resistance.

Charles