Mon Jan 5th, 2009: 8:24am EST.

Reminding myself that despite last weeks' strong closing rally day, Mondays are often low-volume, with headfakes and poor trading setups, so I'll be more cautious today. I want to see strong volume on 2-day high/low breakouts for in-trend entries today, and preferably a COMPQ outside Friday's highs, for entries. Good example of when discipline is needed. Overall I think we'll have a great January for trading, I'll just be careful to not overtrade. Premarket SPY downtrend inside, to the 92.0 support here, which is net bearish/low volatility (compared to outside gap). Gap+ in DRYS; AAPL premkt trading up to 93 here, as of 8:49am EST

9:40am EST update: COMPQ trending down here to 1615, intrarange on 2-day, and most sectors (except oil/gold) red, so I'm not looking for buys unless I see a great chart (LVS/ZLC look to be doing well so far), or unless COMPQ gets > 1625.