Market Outlook - 23rd May 2008

Pretty decent day for me yesterday...If only I had got a better entry the day before, tomorrow would have been a great day for me...but well, you cant win em all....

Coming to today...See chart and comments on chart.

Looking only at daily today. See how we stopped exactly at the t-line. Shows how important this is...What this means is that when this eventually breaks, it will be a sight to behold.

The reason I covered shorts and went long was only because of this t-line.

Today, well I am expecting a decent bounce...Maybe we get to 5100...max 5150...Before that we have to handle 5050 and 5080...Lets see how high we go...

Its always good to have a trading plan...My plan is to -

- Cover at either 5050 or 5080...Best case 5100. If I cover I will try some shorts..Will update.

- Hold till Monday and cover and go short then.

Let us see...Have a good trading day all.

Best.