New Watchlist Setups for Thursday 1/21
Posted by lasertrader on January 21, 2010
The market continues to bounce violently within the well defined channel as discussed in the Big Picture here.
Yesterday the HLF long position was stopped out for a loss and the PBR setup was entered short. the RAX trigger alert went off but I did not take it given the extreme downward pressure on the markets at the time. I left that trigger/alert rearmed.
There are no new additions to the watchlist for today. There are times to be in the market and times to step aside and wait for better setups in a trend. I see many traders getting chopped up by the violent swings with the current market channel. It is best to wait for a break of this channel to hold before initiating swing positions.
Good Luck today!