November 2, 2007
It was quite a seesaw type of day on the market today as the sell off that occurred yesterday seemed to have found some temporary footing. The market looked poised for a strong opening as it was reported the economy added 166,000 new jobs (twice as much as expected). This is one of the economic indicators that the Fed takes a strong interest in for reading the economy and it is also one of the goals of the Fed itself to support an environment conducive to job creation.
On a intra-day basis he market made two attempts to sell off, and each time the bulls stepped in and thwarted the attack by the bears. Equally important was the fact that the support levels discussed in yesterday’s market analysis held strong after a late day market rally. In the future we will be posting charts to give a graphical representation of the state of the markets. Read tomorrow’s Weekly Summary for a discussion of this week in the market.
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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