We have been seeing two distinct patterns in the market recently. 1) On gap down opens we are rallying to positive territory. 2) When there is selling in the final hour the market is closing at its low. Today we were fortunate enough to get both the rally to positive AND the end of the day tankage in the market.
As a short term trader I’m embarrassed that I performed so poorly today. I missed shorting CLF when it popped up to my short entry around 10:30AM. And although I highlighted AAPL as a long above 259 and 260 in the AM Meeting I failed to capitalize on that opportunity as well.
During the final hour when the market was trending down I actually was stupid enough to have some long positions and they weren’t inverse ETFs. I’m gonna chalk up today’s under performance to my basset hound hogging the bed last night and disrupting my sleep routine. He will definitely be sleeping on the couch tonight!!
13 Comments on “Patterns Collide!”
Bassets rule, other breeds drool!
Bassets rule, other breeds drool!
Bassets rule, other breeds drool!
Do you guys key off :30 min turns in the market?
Do you guys key off :30 min turns in the market?
Do you guys key off :30 min turns in the market?
Spencer,
you really should not sleep with dogs….
Cheers,
M
Spencer,
you really should not sleep with dogs….
Cheers,
M
Spencer,
you really should not sleep with dogs….
Cheers,
M
Better idea, let your hound have the bed, you take the couch. Oh, that won’t work either, she will then sleep on the couch!
Better idea, let your hound have the bed, you take the couch. Oh, that won’t work either, she will then sleep on the couch!
Better idea, let your hound have the bed, you take the couch. Oh, that won’t work either, she will then sleep on the couch!
Steven,
We are most interested in how the market reacts at recent support/resistance levels in the SPY. For example, how powerfully it moves through these levels, how much time it spends above below these levels, and the level of volume.
So yesterday when the SPY moved significantly below 108.80 on a spike in volume that would give us confidence to short the retracement to that level. We would then have an “option” on the powerful down move into the Close 🙂
Steve