November 22, 2005: FOMC &Continuation

The market has been repeating same intraday pattern lately which is just chop till afternoon then kaboom b/o !! sheesh, this is becoming predictable or what?? What part of a bull rally don't you get??? Interesting observation today is the ADD which gapped lower on open then retraced towards the bands... usually what will happen is a reversal around 1-2pm which is a great short but if that doesn't happen this means strong continuation to the upside... The Dawg and ES are just following path of least resistance especially after the FOMC released some bullish news.... plenty of upside there... also the SOX keeps holding its gap as I mentioned yesterday which is considered a good sign... tomorrow's session should be choppy so no market action till next week... Happy Turkey :)



I changed the screen setup to reflect market breadth on ADD, ADDQ, and VOLD.... there were 2 trades, 1st one was the aggressive one since ADD was still below bands... the 2nd was very rewarding which is a b/o off a continuation flag while ADD was above bands.... easy??? I hope so!! hehehe