Stock Market Analysis – 08-11-2010
The market had been opening low and closing high on declining volume lately, but finally ran out of steam. With the action picking up again, the market opened down and kept going. That puts us between the same watch levels of $1040 and $1140 that we’ve had over the past couple months.
If you’re in bullish positions, this drop probably didn’t stop you out yet, but you’re probably pretty close. Hang tight on your bearish positions since it’ll probably be a choppy ride down if we do fall back through $1040. As always, make sure you have some predefined exit points and don’t feel bad if you fall for some head fakes. Managing risk in these periods is more important than making big money, but of course letting your winners ride is important on your correct guesses.
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