Saturday, February 27, 2010

Friday, February 26th review

Rather uneventful day today, not a lot of traders in the NYSE pit today due to the storm. We had some consolidation of the gains on Thursday.

Globex session tested the 76% fib level mentioned in Thursday's review, after the opening bell we pulled back to test the Value Area high, which was also a 50% long from Thursday's low to the close. We had solid support in the 1094-1096 area there as 1094 which was my line in the sand was the midpoint of the entire day Thursday as well. That area held strong and was immediately met with initial buying from longer timeframe traders.

Not a whole lot of volume, so you really can't read anything into this. Next week should be interesting, Double Top to 1130's or pullback to midpoint at 1076-1079? That will be the question. Still holding firm to us seeing 1230ish by summer.

Trade of the day
1- Turned out to be the only trade of the day, buying the midpoint and value area high.