Stock Market | MVV for August 28, 2006
Trading volume was sure weak last week as many traders take time off to enjoy the closing of summer. Light volume can also increase volatility, which is great for stock trading. For you W.D. Gann trading fans out there, you’ll note the S&P 500 is trading 180 weeks out from the low in March of 2003. On the Gann wheel this point is opposite in time, and could signify a potential turning point for the stock market. Trading is done with the technical patterns the market gives us. Will we see an end of month window dressing spike up into the resistance of April and May? Time will tell. That would help the MVV trade.
Today, MVV moved in the direction of the trade. 1/2 the shares of this ETF were sold for 1+ R. The other half will now have a stop .16 under the day’s low. The target is still around 73.
August 30th, 2006 at 9:05 pm
[…] The trade in MVV was closed today as the second half of the lot was sold for around 2R. The stock was sold in the 72.4 area because it was near the trendline and trading up for four days straight. Tomorrow is another day in the stock market, and more trading opportunities await online. […]