daytrade diaries....friday, page-5

Nikk0, bravo for taking the time to lay out your technique in detail. That's broadly how I spent yesterday (OST, RHC twice, ANN, BLD) but I doubt I could explain it as clearly and eloquently. Kudos to you.

Wall Street zig-zagged all night and ended mixed - the Nasdaq climbed 1%, the S&P 0.3% while the DOW lagged 0.25% thanks to Wal-Mart's profit downgrade. Gold miners recovered after yesterday's brutal sell-off as the POG recovered lost ground. That might provide a lead for our market, as the recent sell-off in stocks like NCM and LGL looks overdone.

Oil sank another 2% as the reality of rising stockpiles in the US overcame worries about Gaza. The recent rally in base metals continued to unwind, although prices remain well off their lows.

CMC futures point to a bullish open around the 3740 mark. As with yesterday, that seems optimistic, especially as there are low expectations for job figures released tonight in the US. The risk of a sell-off there tonight could weigh on our market.

It's crunch time for a few of the last week's rockets as they fall back towards support. I'm watching MCC, CEY, SRK, MND, BKN, LLC and RIV, among others.