The market chopped around today, but managed to find some support later in the day due to the finical sector catching a bid, and the major indexes closed basically flat. Oil and commodities got hammered again.

Although oil continued its incredible decline today, stocks are no loner reacting positively to this news. The market is now looking at the reason why oil is declining, which is decreased demand due to slowing economic conditions throughout the world. This has caused a rush to the dollar, which is pushing oil lower, and so on. Just take a look at the incredible move in the dollar index.

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I wasn’t watching any stocks today, and am glad I didn’t. due to the action late in the day today, as the market found some support, we should see higher prices soon. But there aren’t many charts to consider. I am still very cautious about trading this market, so am only looking for day trades on breakouts with heavy volume.

Trade Ideas for 09/04/08:

Good luck and good trading!

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