The market was very entertaining today, as traders celebrated the prospect of yet another bailout. There was a time when positive news made the market go up…and negative news caused the market to go down. In this highly speculative market, technically based trading with well thought out stops is the order of the day. As you can see on todays charts, several lines of and resistance and support were key the entire day. Of course, in recent months, no day would be complete without some giant moves up/down that occur without warning or reason.

As has been the case in the last few sessions, there was lots of action around the support and resistance lines, and it payed to pay close attention to the volume numbers as the lines were approached. I had a great time trading today.