HUGE UPSIDE TODAY!

[Arnold Kameda]

What a huge upside the market had today in every sector! Well Cori, looks like my reading of your QQQQ chart was off. It looked a bit bearish to me after Friday's slide but today's conditions proved me wrong. However, I'm happy to be wrong because the majority of Americans, myself included, came off better because of it. This is indicative of how news can really turn the trend of the market. In this case it was positive news, with more details of Obama's banking rescue plan being revealed and well-received.

If you had any equity or call positions, then they would have fared well today. Almost every security did well, with a few exceptions. After today's huge upside, there may be some pull-back in the next day or two, but what was good about today's rally is that it kept going strong without any end-of-day profit taking and sell-off. Also all the indices broke through some important resistance levels. So hopefully this is a sign of better things to come. The rest of this week will be very interesting.

Keep up your trading (whether it's on paper or the real thing).

Arnold

[Cori]

Yep, news overrides all technicals. It will be interesting to see what
will happens if or when it hits that resistance mark at 31.30. I'm
busy with keeping up with this site instead of looking over my notes
and looking for a trade.
I caught a cold and am fine but need to get to bed. Too much TV after
the little one goes to bed.
Happy Trading, Cori

[Donald Garwood]

looks like a great morning to be up with the market.  was watching since the open and looks very exciting (on paper)!