Thursday, June 10, 2010

Poor start to rally attempt...

Yesterday was a horrible day with the markets closing near the lows of the day. By it self this price action would not have been so bad. However, coming after day 1 of a rally attempt it reduces the odds that this rally attempt will be successful.

None the less I decided to hold onto my position in DECK based the price behaviour at the start of the previous rally attempt back in February. After the first day of the rally attempt in February the markets closed near their lows on day 2 then chopped around a while but still followed through.

I believe that this can also happen with this rally attempt. However, another weak day today will have me closing out my position in DECK and moving back to cash. I remain an observer for the time being and I am hoping for the best but even my hope as a limit (my stop loss on DECK @ $140.00).

Good luck and good trading!

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