SPDR S&P 500 (SPY): This consolidation is like watching pain...

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learningboutinv

Re: GLENO34 post# 21194

Friday, 08/03/2007 12:39:40 PM

Friday, August 03, 2007 12:39:40 PM

This consolidation is like watching paint dry. I'm not a day trader so I tend to follow Denmo, Smooth_shot, and Mr. Cassandra's style of trading which is holding for a while by waiting for a trend confirmation on the 60min and daily. What I've learned in the past 5 years is to be patient and to follow the trend and not try to trade the counter trends, cause I don't have the time during the day at work and I'm not nimble enough. I sold my QIDs and SDSs on Wednesday. It should be interesting to see if the 200ma holds for the daily $SPX or if there will be more down.

http://stockcharts.com/charts/gallery.html?spx

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