Volume stayed pretty consistent. The lowest volume day we experienced was on Monday, which was the sell off to the bottom of the range (82). Market rallied on bad economic news. After an initial sell off right to support, momentum began to build towards the upside. And we closed at the top of the range (88). We closed above the … Read More
Some Things I’ve Been Reading This Week
Monthly jobs number not that bad. Bond yields at lows. How low can things go? A few market anomalies.
So Weak. So Weak!!
Yesterday we had a ridiculous sell off. Three days worth of gains got completely eliminated. Yes, we were expecting a pullback because the market had been walked up on light/moderate volume during the holiday, but yesterday’s price action shows there is fear in the market again.The price action yesterday put us today in an uncomfortable position. You could argue that … Read More
How To Combat Overtrading!
As I sit here the night before Thanksgiving, I am reflecting on my trading over the past couple of weeks. I have realized that one major flaw has seeped into my trading. This money eating flaw is over-trading. I have been trading for close to 15 years and it amazes me that this bad habit continues to rear its ugly … Read More
RIMM
RIMM is about 70% from its high. It seems real cheap based on next year earnings projection of $4.50 per share. But the price action indicates that noone believes those estimates. There are probably a lot of people betting that RIMM will have trouble matching this years $3.50 per share. So perhaps RIMM will have one more down leg. RIMM … Read More
Routine
As you may have been able to tell by now we don’t spend time on this blog pretending that we do not make mistakes. We do. But is your attitude that of Phil Mickelson who views every mistake as a learning experience? Or will you blame your failures on anyone or anything else other than you? I got out of … Read More
Expect The Unexpected
Today, from 12pm to 1:45pm the SPYs trended down very steadily from 87 to 83.5. There was a readable seller for the entire downmove. When the SPYs attempted a reversal it failed around 84.6. This led to a downmove to the low of the day at 83. I was able to make a nice chop in the steady downtrend. But … Read More
Letting Go
I was trading HPQ this morning on the good guidance they provided. I traded the stock pretty well in premarket and was able to build a pretty good cushion for the open. I normally do not trade this stock as it is too thick and doesn’t have enough volatility. Today however it was up almost $4 on the open and … Read More