Tuesday, August 9, 2011

Trade Guideline For Wednesday (Nasdaq NQ)

When the Fed did not yet announce a new money-printing program the market sold off hard. Plunge Protection Team has to come in and push the market up into the close. We may have a follow-through buying into tomorrow Wednesday.

Key Line-in-the-Sand for Wednesday will be 2145.
  • Above 2145 there is a very good chance for a follow-through buying on Wednesday. Whether or not it can close positive only time and price action would tell.
  • Below 2145 we may get a choppy consolidation trading range type of day or a bearish down-day.