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The Trade Long Off The Low Was Easy, Sorry I Wasn’t Around For Guidance

May 27, 2008 10:23 PM

The market made a reversal off the low today almost exactly where it needed to hold that I had mentioned before. I normally only watch the futures the first half of the day, then proceed to other things, and the first half did not play out like i wanted. I wanted an early low, then reverse, it made an early high with no reversal, then reversed off the low. The problem has been oil. The last 2 days the market has been doing things it “shouldn’t” do because of oil movement. Like today, oil spiked $1.50 early off the low and the SP dropped 7 plus points on the futures in a heartbeat with no warning. That makes it difficult to trade.

I did call the oil spike lower however. The high is going to be difficult to clear I believe, outside of news. In theory, the high should NOT clear without a new low first. Therefore, if oil cannot take out the highs tomorrow after inventory, it is going lower and should provide some stabilization in the markets.  

Written by Tom@StockBlade.com · Filed Under SP Futures 

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