Trend Day Fizzles

The day isn't over yet, but I think I'm done trading and I wanted to point out some things that happened today. Today started with a big gap from Friday's close and continued downward with a lot of pressure--our first clue that this could be a trend day. I warned Twitter followers that it was probably a bad idea to try and fade that gap.

I've circled what I think are the best short trades of the day--trades with edge in the direction of the trend (orange circles). Price then consolidated into a descending wedge and I thought it was time to load up and wait for a break below the wedge for a powerful move. We got the break, but price didn't move too terribly much before turning back around and then flat-lining.

Notice how the bottom of the wedge held all day as support (blue arrows). At this time 3:30 pm EST, it looks like the day is either going to remain flat or reverse, so I'm going to take my meager winnings and quit for the day.