13-Feb

Market waits for Congress passage of stimulus package

Market waits for Congress passage of stimulus packageThe group ended slightly down as the markets traded mostly to the downside other than Thursday's afternoon spike reversal.Grant won GOLD, Deb took the Silver and Bob grabs the Bronze. Spike Member Steve M wins a 20 dollar credit with an impressive gain of 16.95% and Ian W also wins a 20 dollar credit for is outperformance of the Bronze medalist. Congrats to this week's winners!This seems to be a market of spiking on every word that comes out of Washington and then go nowhere. The news today was a mortgage bailout plan that is supposed to be announced Wednesday. Let's hope it has more beef in it than Geitner's speech this week. It appears we only have this market reacting to government announcements and Day Traders playing the ranges. There are a few stocks that are trending, but mostly choppiness prevails. Chasing stocks here has not been a profitable strategy and most breakouts are failing.The markets are closed Monday so picks are due by 3:00pm NY time on Monday. I look forward to receiving everyone's picks.Video Vault News:I attempted to record some day trading activity today as I was trading the DOW futures; I hope to have this video posted this weekend for those interested in day trading.

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