DJI chop suey
Posted by MC on Jan 31, 2009
This wild rangebound chop is giving daytraders sick volatility and their massive liquidity has kept things stuck here for about 16 weeks now. 8000-9000 is the closing range, 1000+ freekin points back and forth!!! There are certainly long term participants in the mix and the next move will likely be very telling and hopefully will provide a clean trend for the investors and swing traders to follow. Anyone not daytrading here is playing with fire. I’m leaning towards a bear rally just based on how hyperextended the price action is from the ma’s and a few other things I track. But bias means nothing and I’m waiting for a trend to show itself. I do daytrade the YM (dow mini) from time to time but the volatility is whiptastic and I limit my exposure bigtime.
Good luck traders/investors.
