Some choppy action today, but the indexes closed higher with some big moves in commodities. Right now, the S&P 500 is hanging out below the 50-Day SMA. With a little more rest, it could try to break this moving average.

CHUX, which offered a fantastic day trade yesterday, continued moving today, but gave back a large amount of its gains.

Some other big volume movers have been the shippers, DRYS, GNK and EGLE. I totally missed these, but will watch these for day trade opportunities in the near future.

USO had huge volume today, but did not make a large move. This could indicate that oil is getting ready to turn higher, at least for the short term.

Gold moved today with oil, which meant that the dollar moved lower. One ETF I like right now is UDN, which is a Dollar bear ETF. A possible play if today’s moves in oil and gold continue.

There aren’t many charts to consider here. Waiting for some better setups.

Trade Ideas for 12/11/08:


Good luck and good trading!