| Weekly Trend: | __ | Up |
| Daily Trend: | Up | |
| Daily Momentum: | Flat |
The news out of China coupled with earnings season saw the market give back all of yesterdays gains and some. At one stage the market was -200 but clawed back a little into the close. We’ll be taking a closer look at some of the indices tonight within our normal reviews, but suffice to say support levels remain in place as do shorter and longer term trends. I get the feeling that 2010 is going to follow the patterns of late 2009 – that is chopping higher without much conviction. This makes shorter term swing trading particularly difficult and frustrating. If this is to be the case we’d be better off adopting profit targets rather than using trailing stops and being quick to move in and out of stocks.
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