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Friday, November 03, 2006

Correction Of A Correction

As ChartTrader in Briefing.com aptly puts it, the market was in a correction of a correction yesterday, trading in tight ranges. As we can see from the charts below, all 3 major indices are still supported by 20 EMA as they managed to close above it. Whether the indices can continue to hold at 20 EMA is alot dependent on the unemployment and payroll data tomorrow. As for myself, I didn't trade last night as I was out. And I think I will most probably resume trading after next Tue, when the dust has settled for the US Senate Election. Meanwhile for this few days, I'll have some personal matters to attend to and also do some readings to recharge.


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