July 10, 2008

For the purposes of day-trading, today couldn’t get any better, with the handful of shifts in turns throughout the trading session. What stood out most were the attempts by the shorts to push the markets lower – once in the morning and then again in the afternoon, but each time, the bulls circled the wagons and defended those low points, and subsequently pushed the markets higher each time. While the efforts were impressive, there was no real news out there to give the markets a major push. There was some action from the bears once the oil spiked amid worries with Iran and a potential conflict with Israel but until something actually happens, this is not all that important. But when oil spiked, the markets tanked, but managed to recover some of those earlier gains in the home stretch.

We have Freaky Friday tomorrow which tends to be extremely volatile to the down side, so don’t be surprised if the market resumes its normal course of selling tomorrow.

Here’s the NASDAQ and S&P Charts…