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Wednesday, April 1, 2009
Todays Support Numbers
Good Morning , My opinion was bearish all day yesterday, but i did not fight the tape and played the long side all day untill they broke at 3:30. I had good conviction and as it was late in the day I got short small and those small shorts made more money then all the longs I had during the day.The ADP numbers were lowsy this am, suggesting a bad number on fridays employment number. The ADP numbers history does not always correlate with the governments as Erik pointed out this morning. Futures are off their lows thi morning down about 9 right now. My opinion coming in again is bearish, but we must let the market give us direction and not let opinions rule our trading, let conviction rule your trading. Support in the S&Ps is the 768-765 level. Dow suppor is 7550 then 7258. Nas support is 1488 then 1448 . This is the bigger picture.In the s&Ps 767 would be a 38.3% Fib retracement off our highs. Good luck and trade with conviction.It is your money trade smart.
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