August 1, 2007
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hi Everyone,
What a day it was yesterday. Phew.
I mentioned that oil was a concern at $78 a barrel and then the sub prime mortgage problem and credit woes re-emerged so it was all downhill for the Dow after that. I was LONG from 13399 and cashed out of that about 50 points to the good. Waited a while and got back into the Dow at 13435 but this time SHORT. Rode this trade down to the close where the Dow settled at 13211. The diffrence between its high and its close yesterday was an amazing 368 points.
I’ve sat on my hands so far today Forex although the situation has improved across the board. Friday is the next big event with non farm payroll numbers. This data generally causes huge swings in prices and it is very easy to get whipped out of the market altogether.
I’m going to look in on The Dow now and I think it promises to be an interesting session. Fierce selling could set in below 13200 equally buyers may be interested if the index gets as low as 13069ish. So be careful and only trade if you are confident about what you are doing. When the market is in this mood it can be very tricky indeed.
I’ll be back later.
Spread Trading Housewife (aka:Julie)
There are some deep technical reasons for wanting a micro lot account which you’ll learn about later. Just take it on faith for now that that is what you want. I would recommend Easy Forex who is my broker.