Wednesday, December 12, 2007

Daily Equity Market Comment - 12/12/2007

Well we got the volatile day that I had anticipated with the high for the day being set in the first 8 minutes of trading.

From there it was a steady decline with very trade able rallies along the way. Take a look at the Day Trading Blog and see how we did

I have attached the 1 minute chart of the S&P 500 to illustrate the clear direction of the market today. I actually thought at about 3pm that we might see my downside targets reached today, but the market was able to stabilize about 15 minutes later and close with a decent rally.

I am looking for the market to move a bit higher early tomorrow, probably to the 1490 - 1495 and then a full resumption of the correction. The most logical target now is 1446-1451 basis the S&P 500 cash index.

I will be posting a list of some short candidates, but being this close to the end of the correction these stocks should be utilized only for very aggressive traders.

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