I am on holiday today and was yesterday too, and wanted to check in on my positions. I was VERY happy to see oil trading near $125, and I was logging into my account to move my stops down on my units in oil. Now I am doing everything I can to not be VERY annoyed that I got stopped out on all units, after which oil went in my direction. My stop was $132, which made me $3 on first unit, $1 on the second unit, and lost me $3 on the 3rd unit. Hmmmmmm!!
I will not be trading today. I will look at the markets Sunday night, ready for next week. I will update the site late Sunday evening, and send out the TraderTom newsletter.
Please feel free to use the Market Map service free of charge today:
You should now have access to the market maps. Remember that the Maps dont show price, only time and trend. The trend may inverse, so a chart displaying a downtrend may turn out to be an uptrend. Watch the turn times closely. All times displayed are London time.
Happy Trading today
Tom
29th May 2008 00:40am
Good morning
I am watching 1392 in the SP500 cash. A move above it is bullish, but the trend is still down on the near term until we get above 1392.
I am still short oil. Nothing has changed there. Stops are the same
I have provided FREE ACCESS to the Market Map for at least today.
You should now have access to the market maps. Remember that the Maps dont show price, only time and trend. The trend may inverse, so a chart displaying a downtrend may turn out to be an uptrend. Watch the turn times closely. All times displayed are London time.
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I am still short oil and have added a third unit to my position. I was asked about potential targets. My stop is $132, but I dont have a target right now. I have put stops for at least break even on my previous units.
The FTSE MAP points to higher prices all day.
27th May 2008 09:10am
Good morning,
The SP500 chart shows good support at 1367, which at that point is 33 points down at also a 1.27 extension of the last swing.
Should we not have support there, the next target is 1348.
The Dow map for today looks like a trend day, with a turn at 3pm, and a late in the day turn.
ANALYSIS
