The S&P 500 Index retreated from its session high, ending with a gain of 7 points, closed at 1098.87 to settle within a stone's throw of the round-number resistance 1,100 level. After a selloff yesterday, stocks rallied in today's session. Stocks started posting gains early this morning as investors shifted their focus from worries about European banks to President Obama's $350 billion jobs recovery plan.
Investors got back some of yesterday's losses, but overall trading continues to be slow. I didn't sell my SPXU today because the market was up all day. It's kind of risky now to be long or short. Trading volume is low, break out day always happen after several low volume consolidation days. Usually, I will cover my position today and waiting for a better opportunity. well, I just decided to hold it for couple more days. I know this violate my trading rule and philosophy:
( 1/ market has to react within two trading days after I open any new position or I will get out)
( 2/ When the reason for opening a new position is no longer exist I will get out)
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