Today seemed like a repeat of yesterday, steady selling all day long. Today’s action has caused the IBD’s Market Outlook to change from “Confirmed Rally” to “Market Rally Under Pressure”. Not a good sign when the rally is still so new. The three major indexes have lost around 10% in the last two days, the largest 2-day decrease in the market since October of ’87

There is a Jobs Report tomorrow, which could move the market. But I still think that the sidelines are the best place to be. Any trades I am looking at now are day trades. Even if the market is forming a bottom (and I’m not convinced that it is) it will take quite a bit of time before swinging long is a good idea.

Trade Ideas for 11/07/08:

afam1.jpg

Good luck and good trading!