daytrade diaries... december 11, page-13

USD down mildly
DOW up mildly
Gold Flat
US Basic Materials down a tad
US Financials up a smidgin

Mindset for the day as of 9:00 am

After three days of falls I am thinking long, at least in the morning. Whether it holds for the day I don't know.

Yesterday was a deceptive day. After the falls of the previous days it started with what looked like a solid bounce. The afternoon guys put an end to that.

Looking back through my diary, morning volatility with a 10:30 bounce followed by a lunch time fade has occured almost so often as to be predictable except on days where there has been a clear lead overnight.

To put it into words morning trade - small guys? seem to still have unbounded optimism these days and can almost be garaunteed to bargain hunt at the hint of an opportunity.

I don't think I would call afternoon trade pessimistic, perhaps skeptical would be a better word.


No noticeable change with the LME warehouse stocks - Aluminium stalled, was hoping for a stronger swing down indicaing someone somewhere is actually making something. But we will see. One days prices does not a trend make.

The XJO (daily) is still in the lower channel, Now sitting on the 100 day MA and the SAR so we can count on the Bulls thinking bounce. The Bears will be a retracement in a down trend. In either case today looks like an up day.

The weekly chart is still where all the action is. It is still just on the Mid Bollinger support line, RSI and stochastics are still 50'ish, so it could go either way.


USD Spot Price




5 Year Warehouse Levels