I am not surprised by today's market action, but I didn't except it to be down this much. From my experience, markets follow trends and today's action was merely a continuation of the action we've seen the last two weeks of 2007. Even though it is the 1st trading day, that alone was not enough for people to pull the market up today.
Having said this, I did still find a stock to enter. I entered STP this afternoon. I was also looking at DECK, as it has proven to be a winner all of last year. DECK was not one of my trades today. The entry for DECK was not appealing, but you can count on the fact that I will be keeping a close eye on that one for a possible reversal signal.
Happy Trading Tomorrow!
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