daytrade diaries... monday

Morning traders.

Market wrap: a final-hour rally helped much of Wall Street limp into positive territory on Friday. The Dow gained 0.5% and the S&P closed flat at the end of a week in which the major US indices lost 6 - 7% to complete four weeks of declines.

Oilers gained as the price of crude rallied 4% to $45.50. Essentially oil has been range trading between $33 and $50 since December. Gold gained 1.5% to $942.70. Base metals were mixed with copper consolidating a break up out of its trading range.

You could make a fair case for our market moving in either direction today - looks oversold in the short-term but hasn't fallen as far as most major markets in this latest down-leg. That's one reason why the SPI barely moved, closing up 5 points at 3147. I'm leaning towards a bounce some time this week in the absence of more bad news, although not necessarily today.

WDC is at the lower end of its trading range within the current downtrend and I'll watch for a bounce off $9 for an entry. Holding small positions in WES, LNC and AMP.