Winston Churchill Monday, page-7

SPI200 Commentary

Follow or Fade!

SPI had more wild swings Friday with an overall range of 73. SPI started with a big gap down which was eventually closed during Sycom then fell away sharply into the close and ended near the bottom end of the range. It looks as though the high volatility is going to continue but overall direction is hard to define. This means its time for intraday traders to shine and look at lower time frames for trades. While the market was down Friday, Banks held up reasonably well so it looks like XJO will test the 5800 level again. FX markets are mixed also and since they aren't signalling a risk off mood, chances are SPI could surprise to the upside. Either way stay nimble and keep risk small. For todays trading I am looking to buy dips around 5720 and sell rallies around 5780