My inclination is that the market is not doing too well. Sure buying occurred today, but it wasn't near the level of selling yesterday. Sure, the market is bouncing off the 50 day moving average, but volume is still lacluster. The 10 year treasury note is still at 5 year highs which means the dollar will get stronger, but interest rates will probably still rise.
The above note was brought to you by we-confuse-ya.com. The above note is garbage since I am primarily a technical trader. If I try to cloud all of my reasoning to buy and sell with the above garbage, I become a deer in the headlights and cannot make a move.
Despite that, RBN is in the middle of a cup and handle and broke the handle yesterday. It is still within a buy point so I am gonna sell a laggard and get in on RBN. FCSX also cleared resistance in high trading volume, so that one is on the buy list, too.
The AUD/JPY trade is finally starting to make its move, but the AUD/USD has traded down due to the USD getting stronger. Let's see what is going to happen. I am currently in the middle of the EUR/USD day-trade scenario that I previously described and it has yet to trigger the limit order or the stop loss order. I hate to carry it overnight, but I have to let it hit one of the triggers.
Good luck trading.
JD
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