Complete Retracement

Thursday, January 29, 2009

The market entirely retraced yesterday's 200-point gain falling 226 points today. Trading is extremely frustrating these days as every rally is met with cautious selling and every fall is met with apathetic buying. The market is simply not moving as participants seem unwilling to take any large bets. The selling climaxed last October yet the economy has not offered the glimmers of hope needed to seduce buyers back in once again. I continue to have a bias to the long side after a successful retest of the lows but I have not been paid for that bias as of yet. Now is the time for active traders to take any profits and run and quickly bail on any losing position.


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