Feb 042013
 

trade_130204

Today was expected to be a quiet trading day with only the Factory Orders report at 10am EST and few earnings announcements pre-market.  Concern is increasing in Europe after allegations over the Spanish Prime Minister taking cash bribes and another 2.7% increase in their unemployment rate, raising it to 26%.  The US stock markets followed the European markets pre-market and pushed down much further than I had anticipated earlier.  By the time the cash markets opened, the DOW was down nearly 100 points.  The DTG 98.50 was the first support level reached after the cash open.  The sellers tried hard to continue the overnight move down, but a line in the sand was drawn at 97.75.  After a tripple bottom, the buyers finally showed signs of strength which is today’s example trade.

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