SPI Trading 18th January 2008 part 5

12:25

SPI moved back into the 5-day highs and took out my trailing stops at entry price.

There is still a lot of resistance around these highs....

Re-entered shorts (2 lots) @ 5677

partial exit 5669

and holding into 5640, last lot to be nuetral for today, and no more trading...

If stopped out again (breakeven stops) I won't trade again until Monday.

Note:- it wouldn't surprise me either to see late buying in the market and head higher into the close, and back above today's resistance, due to price trading around the Quarterly lows.

I spoke yesterday about a 'blow-off' bottom, maybe today is that day...let's see where it closes...