I took a longer term position today off the dailies, using a 10.00pt stop.
If market makes new highs or it isn't a good amount down near the close, I will buy some call options for a hedge.
spy on the list again, earlier it was about 3/1 selling ratio, notice 104 mil coming out of emerging market fund,might be partial reason for oil drop,click on it, chart gives no clue, market goes where "they "want it to and they get in and out of their trades http://online.wsj.com/mdc/public/page/2_3022-mflppg-moneyflow.html
1) exponential moving averages
2) support/resistance
3) previous day high low open close
4) current day high low open close
5) trendlines/channels
6) volatility
if you dont have number 6.. risk reward R:R is not that great..