daytrade diaries... monday

Morning traders.

Market wrap: US stocks edged up for the fourth day in a row on Friday to finish 9 - 10% higher for the week. The major indexes gained 0.8% for the day, despite some weakness in banks, REITs and oilers. The rise capped the first four-day run of green closes since November.

Oil was very volatile in the lead-up to last night's OPEC meeting. On Friday, oil closed near its lows, down 1.5% at $46.25. There could be further weakness ahead after OPEC last night opted to maintain current output levels. I'll be wary of oil stocks in the next day or two.

Gold gained 0.7% to $930. Base metals were generally stronger, with copper continuing to consolidate its break above the old trading range.

Our futures tip another positive day here, with the SPI closing up 26 points at 3363.

This bear market rally is starting to look pretty mature after last week's gains, so my outlook for the day is cautious. Don't want to get caught buying at the end of what's likely to be just another counter-trend upswing. Momentum trades with tight stops might be the go. Otherwise, I'll wait for pullbacks. Good luck to all.