The Wrap 7/28/11


If this is “you” after this week, don’t feel alone, as the entire market does too. It was another extremely frustrating day for traders. The morning started firm and some trades worked from the long side, but as more combative and unproductive rhetoric came out of DC, the market felt the frustration again ( like yesterday and the day before), and we have lost almost 500 DOW points since the week began.

I can only reiterate what I said last night, trade light or not all, monitor your existing positions and wait for your pitch. Stops are being hit and when that happens, at least from the perspective of my trading and this website, a bottom may be put in very soon. Hang in there.


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