Today was a good day to be trading. This trade really tested my patience though. Most of my trades last less than an hour or two. But oil kept going up and the market kept going down so there was no reason to exit. Some of the other airlines were going down faster but I liked the descending triangle setup on the daily charts for CAL. I entered at the break of the ORL and exited when I saw a couple of volume spikes on the 5 minute charts as CAL approached 14. I nearly got filled at the low of the day so I'm happy with my exit. I had a pretty strong feeling that the 1410 level was going to break down after almost slipping through around 11 a.m and after testing this level twice yesterday. The negative FOMC minutes helped pushed the S&P past 1410 and out of a rising wedge formation.
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