Tuesday, December 2, 2008

Update Into the Close

We have a pretty bullish turn around here in the last hour. The market came right back down to that 50% retrace line and it held again produced a rally off of it.

GS descended a perfect 61.8% retrace and has bounced higher of that fib line. I took some profits there.

This action can still be taken either way, so I remain uncommitted to any swing trade positions and am only scalp trading at this time. The last half hour’s action will tell us more.