Market Thoughts and DIG 063008

We’re back to trading like we did in March, where the daily Nasdaq chart is not much help. I’m trading off the 60-minute and 15-minute charts much more.

I’m also giving little room with stops. As soon as I have a profit, I’m selling some, and/or moving the stop to breakeven. Regular trading patterns in this environment can easily fool you.

Friday, I used 13 bars down on the 60-minute Nasdaq chart combined with the gap fill on the daily chart at 2291.12 on April 15, 2008. I used the 5-minute for exit. That tells you what kind of a market this is. Complicated.

DIG hit the upside of it’s wedge. I am holding some as long as the 200 ma on the 5-minute chart and 221 hold up for OIH. Still have a 135 target for DIG.  And yes, I can use other charts to trade other charts.