November 18, 2005: Cnsld

The market continued to hold key b/o levels and made aU-turn after a morning down move... The semis in particular were very strong.. One can see that even though futs opened strong, breadth wasn't confirming and indicated that at a very high level open they needed to sustain an up move.. but look where they opened - just below bands... that's a signal to stay out of any longs on futs till breadth confirms... and of course futs reversed course to the downside till noon... very important to observe where breadth is before taking on a trade....



No trades today although all indices were above emas... but breadth was below bands so keeping with the rules and the fact that it's Friday afternoon , no trades would've been ideal.... in case trades are taken they should be followed by tight stops....