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Market Recap: Called Today’s Action On The Money Almost Literally

August 27, 2008 4:04 PM

thumbsup.jpgI mentioned pre-open that the trade should be long but real strength may take some time to develop but the “charts were stronger for upside today”.  It took about an hour or so to get going to the upside as I said before the open. I also mentioned at the open that we HAD to clear 1285.50 on the futures to move any higher than that and to avoid it there. It hit 1285.25 late afternoon and tried to clear it twice, failed and shot down all the way to 1276 before getting back to 1281 right before the close.

I also said 15 minutes into the open to “buy all checkdowns” and we would “have to clear 1270.50 to cause any problems” (we didn’t that was the early low). That early call was good for an easy 10 plus points to the upside and gave a FIRM number to avoid that also proved to be one tick below today’s high. I also said that once 1275.75 cleared we “should see 1285 area”. Charts “do not matter” (as some believe) but I called that before the market opened. Pure luck yet again - apparently.

Thats about as close to being correct as I can get.

Written by Tom@StockBlade.com · Filed Under Pre-Open 

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