Although we ended the week with disappointing economic data and losses accross the board we still continued with a 3rd week in a row of market gains. This is great for us traders to see some trends here. The Q's have now rallied up to the top of the previous resistance area we dealt with for the last few months. Personally I took advantage of the rally by playing, believe it or not, GM. Although I know I should be avoiding this dog I can still remember Chrysler when it was near bankrupcy and the gains that were made back then for those with faith in a bailout.
On a hourly basis we are now seeing multiple MACD divergences and tight stops below Fridays lows if you are still long. Might even consider a stop and reverse here for the inevitable sell off that will come soon.
OIL trade was boring last week and I decided to get out. I will be monitoring this to re enter. Another option is to hold a longer term position and trade around it on a short term basis.
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