Monday 17th November – Daily Stock Market review

GDAX

A good day today. The market opened lower and kept falling all day. Fears over the G20 meeting and its inability to achieve anything weighed on market sentiment. Had a short trade triggered at 4667. I moved my stop down to 4702 when the GDAX went down to 4632, but the GDAX never came near this level. The GDAX closed at 4557, and I closed my position for a nice profit of 105 points. A good start to the week. My trade levels for tomorrow are 4611, 4702 and 4794 up. I have no trade levels for a fall.

Oil

Oil was difficult today, the price fell in the morning but the rose again. Had a long trade triggered at $54.48, and oil made an intra day high of $56.11 on news of an oil tanker being hi-jacked off the coast of Somalia (incredible as it may seem!). I moved my stop up to $53.83, but then oil fell. I was stopped out for a loss of 82 points. I then had a short trade triggered at $53.83. I was almost stopped out of this trade as oil rose again, but then it fell to the close, closing at $52.45. I closed my position for a profit of 135 points. My trade levels for tomorrow are $53.37, $55.04 and $56.72 up. I have no trade levels for a fall.

Dow Jones

The Dow opened lower in morning trade, but then began to rise back up triggering a long trade at 8463. The Dow then made an intra day high of 8571, and I moved my stop up to 8383. The Dow then fell, stopping me out for a loss of 84 points. I then went short at 8383, but the Dow zig zagged back and forth, eventually stopping me out at 8467 for another loss of 84 points. The Dow then fell closing the day at 8273. Huge lay offs in the financial sector gave traders the jitters, another turbulent day on Wall Street. My trade levels for tomorrow are 8558 and 8898 up, and 8219 down.