As for the direction of both indices, it's hard to say. We will need to see how Dow perform tonight to have a clearer picture. If the indices are able to hold at the support, we should be looking at range play for this period of time till 19 of sept. For now, just stay sideline.
A good trading play also means stay sidelines and do nothing too. Because I am unsure how the market will move and do not want to open any position over the weekend. At least I am able to enjoy my weekend well.
:D
Some updates on the markets
- Bank of America invests $2 bln in Countrywide Financial, provides early vote of confidence that credit concerns are easing; CFC's CEO says still tremendous liquidity problem, thinks housing slump will lead us into "recession"
- Fed adds $17.25 bln in reserves via three installments; outstanding commercial paper plunged for second straight week
- Bank of Japan leaves rates unchanged at 0.50%, easing worries about unwinding of yen carry trade
- BNP Paribas to resume trading next week in three halted funds; Home Depot's sale of supply unit in jeopardy; Ford Motor notes that current U.S. economic conditions are "headwind" for its turnaround
Market as from 11am looks like recovering. But I still don like to hold open position over the weekend.