The Dow Jones Industrials At The Year High
Above we have the three major indices and as you can see the dow is at the year high, the S&P broke high yesterday and the NASDAQ still has some room to go before it breaks high.
I've been day trading from the long side and I have not been able to make money even though the stock market has been moving higher. The strong stocks don't follow through the next day and the weak stocks rally in your face if you try to short them.
I think this is a very difficult environment to be trading in if you are a short term trader so you might want to trade with smaller shares or not trade at all.
On a longer term time frame there may be a trade setting up on the short side in the SPY, QQQQ and DIA. I haven't done anything as of yet but I will keep you posted if I do begin to short.
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1 comment:
The six monthly report on japans economy is due on april 27 which is expected to highlight inflation fear.Next month bank of japan is expected to increase intrest rate from .5%. last two days yen has increased versus dollar and today has crossed 117 mark.Fear of carry forward trade unwinding is in the air and i wont be surprised if dow falls to 175-200 points today or tomarrow.
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