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Nice sell off today.

January 12th, 2010 Karl Haas

The market is showing a little weakness this morning after AA reported earnings after the bell last night. The Diamonds (DIA) have recovered some of its losses this morning trading down 25 points. Also the Spiders (SPY) is also trading lower after making new highs yesterday down about .65 cents this morning. Alcoa Inc. (AA) is still sitting on its morning lows down $1.43. It has made a nice base around this $16.00 level which could make for a nice active trade long if we get the market to rally back into the green. I have also been watching for a pullback on Ford (F), the stock has been rocking for the last 7 trading days closing yesterday above $12.00. I would like to see it pullback another day or two and time my entry off of the next buy signal on the daily chart. Right now it looks as though Ford is trying to fill in the gap down for a nice active trade off of the morning lows. Be patient and don’t forget to stick to your plan.

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