Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Tuesday, April 7, 2009

something to play


The volume was weak this morning. Just crazy weak....

5 comments:

Tony said...

Weak volume indeed. SPY bounced off my S2 at 81.71 and seems to be forming some sort of base. Copper up 20 cents overnight. "Dr. Copper" up if you are looking for bullish signs for economy.

pivot 83.23
s1 82.66

I guess there are different formulas for figuring these.

Eric said...

I have those too...on my charts The ones I posted I had to do manualy, but I thought they matched up..

but the ones you have My charts have.

that 82.60 seems like it will be the 5 min retest resistance...

Eric said...

Do you watch Level 2 data?

Tony said...

I've looked at it, and it is avail on my TDAmeritrade, but I have no idea how to trade based on it.

Eric said...

well give it some time.

what you are looking at is Buy side or Sell side Bias. if there are a ton of orders on one side or the other, you can predict some of the moves based on it.

Also it's a good sign to get out if you see millions of shares Keeping something you want to go up sitting as a huge weight on top of a stock just out of the ask range.

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