Wednesday, February 11, 2009
3 pm Update
Here is the 5 minute e-mini bar chart for today. Earlier I said that I was inclined to sell a rally to the purple dotted line if volume remained moderate. As you can see we just hit that level and went a couple of points higher. But we also have just put in the highest volume bar of the day at a price level where volume should have remained moderate. This makes me think this rally still has legs and will continue up into the 836-40 range. However, I still think the short term trend is downward.