Thursday, April 30, 2009

"Sometimes the Best Defense is to Ball Up and Hunker Down"

"There is Nothing Wrong with a Passive Defense when Faced with Uncertainty."
2D, 10m. - Apr. 30th. - Early morning momentum led us into a trade to the upside which did not go well.  There was a nice move to the upside but it failed and fell back and the trade was stopped out with a small 25 cent loss.  From there the market continued its retreat.  The close was weak.
20D, 2 Hour - Apr. 30 - The Channel Trend continues UP!   The Trend is Your Friend so take care if you try and swim against it.
3M, Daily - Apr. 30 - Trend remains UP!.  Resistance sits like a lid on the market.  This has been highly touted as a Siegfried Line with iron clad defense.  That remains to be seen.  Perhaps the Hedgehog has it right.  Ball up and stay out of the way.