Turn Around Tuesday.

681 views

Market really ruined a lot of the good looking charts I was watching this week.  Going to post some thoughts for Tuesday (3.6.12).

I’m going to start with some of the embarrassing trades I made this morning.  I grabbed some $SHLD at $78.03 – I got a little excited about the price action clearing that descending trendline and volume started to pick up. My joy was short lived as it quickly reversed and was trading $3-4 lower for the rest of the day.  Overall, the chart still does look bullish, and is suggesting consolidation is necessary in this range before moving higher. On the other hand — Sears sucks shit. Just thinking about the last time I stood in a Sears makes me want to add to the short but if there is above average selling volume tomorrow I will cut my loss.  I don’t want to give this one as much room because I don’t want my cash tied up in this for weeks while I wait for it to work off these levels. I am very light in this one, after all, it is Sears.

I shorted $ACC in the low $41’s.  The daily chart was really ugly until it rallied all afternoon and closed at the highs above all moving averages.  The volume was less than spectacular so I’m hoping we reverse lower tomorrow. I’m aware that I’m “hoping” and probably already lost. A continued move higher tomorrow will take me out of this one too.

Coming down from February (one of my best months ever) I have been struggling to get things rolling in March. The month is still young and I have lots of time to find my groove. Market action has been concerning to me & I have been keeping my position sizes much smaller than normal.

I have been in $LNKD since the last week of Feb (Again, very light). I think it has one of the best looking charts and is building a good looking cup & handle. I have a hunch that there will be a fast & violent shake out tomorrow morning to the lower trendline and I am hoping to add to my position below $85.  I think the company is irrelevant and will go the way of $YHOO in time but as far as charts go, she grew on me like she was a colony of E. Coli, and I am room-temperature Canadian beef.

Also watching these stocks from my weekend list. These are the survivors:

$KIM – Nice relative strength today and am watching this one to clear $18.95 on above average volume. Preferably, $19. Make them prove themselves.

$FLIR – Continues to consolidate under this resistance. Extraneous action/volume.

$EMC – I think this one provided an opportunity today, we’ll see tomorrow.

Also NKE, CMG & AZO made new highs.  It’s easy to get caught up with AAPL, but AAPL doesn’t make the market. Just an observation. Lots of irrational panic in the stream today.  Bullish until it’s not.

@affluenzavirus

$SPX Shenanigans

408 views

Looking at the $SPX daily chart it almost looks certain that we continue this move lower towards the trendline (~1180 area).

 

 

Looking at the 60 min chart you can see that this 1205 level is pretty important. If we can bounce overnight off the 1205 area we may beable to prolong this horseshit failure on the ES until Thursday. If we can’t (because Europe sucks shit.) then you can see it’s clear sailing to the lower levels. Then we will probably break down even lower and make new lows. Buy puts.

“You’re always nervous.”

182 views

Today I was talking with my brother, who is also a trader, about market sentiment.  At the moment, he is heavy on the bullish side with the belief that the when the market is full retard you grab and hang on until it stops, riding to victory, and while I agree with him on a level – I am much more cautious and don’t like chasing or feeling like I am not in control. I told him I am nervous about possible news over the weekend to which he replied, “You’re always nervous.”

It’s true. I am always complaining about hypothetical news based situations that would rain on my parade and destroy the planet.  I realized awhile ago that fear is my biggest obstacle trading the markets – by a long shot.  In my everlasting quest to become a robot and destroy all my petty human emotions I often need to step back and take a look at the bigger picture before I allow myself to make trading decisions based on irrational emotions and fear.

The greatest tool in battling emotions while trading is understanding what they are. Thoughts are powerful. A single thought can be responsible for destroying a good trade.

The mental part of fear always involves a projection into the future. It’s our reaction to something we think might happen that we don’t want. Or it’s our reaction to something we think will not happen that we do want.

News is irrelevant and inevitable, the only thing that matters is how your stock reacts to it. You need to trust ONLY your rules.  You know how to read charts, but do you trust them as you should?  If they don’t work and you are able to close out positions quickly there is no issue. Though, it’s always easier to say that than exercise it.

I missed most of this run on Thursday and paid for it today (Friday). Not with a lot of money but with emotional damage. Which is just as annoying.

This market is a crack whore and Europe isn’t suddenly magically OK overnight.  So, I’ll continue to be bullish but optimistically cautious until the market says otherwise, which maybe Monday. It doesn’t matter, but I won’t trade on irrational emotions.

“Fear is a primal instinct, not a function of higher brain faculties. When we logically think through our fears, we often find that they have no real rational basis.”

Clearly, this post is for me. I needed a reminder. If you found something worthwhile in it too, I’m glad. I’ll be posting some awesome charts over the weekend.

-Enjoy your evenings

It Pays To $SAVE

191 views

Just don’t be surprised when you crash in the everglades.

I wouldn’t be one bit surprised if the insane management at $SAVE crashes and burns before $AMR files bankruptcy.  This low cost airline can’t be profitable in the long term with high costs associated with being an airline, the revenue generated by each flight barely covers fuel expenses.  Not to mention their unethical business practices are driving away customers and employees.

They were the first ones who implemented fees for carry on baggage.  When buying tickets off their website they automatically sign you up for travel insurance and other hidden fees..etc.  Easy to miss if you are in a hurry.

Not to mention Airbuses suck shit and crash all the time.

Turn Around Tuesday.

681 views

Market really ruined a lot of the good looking charts I was watching this week.  Going to post some thoughts for Tuesday (3.6.12).

I’m going to start with some of the embarrassing trades I made this morning.  I grabbed some $SHLD at $78.03 – I got a little excited about the price action clearing that descending trendline and volume started to pick up. My joy was short lived as it quickly reversed and was trading $3-4 lower for the rest of the day.  Overall, the chart still does look bullish, and is suggesting consolidation is necessary in this range before moving higher. On the other hand — Sears sucks shit. Just thinking about the last time I stood in a Sears makes me want to add to the short but if there is above average selling volume tomorrow I will cut my loss.  I don’t want to give this one as much room because I don’t want my cash tied up in this for weeks while I wait for it to work off these levels. I am very light in this one, after all, it is Sears.

I shorted $ACC in the low $41’s.  The daily chart was really ugly until it rallied all afternoon and closed at the highs above all moving averages.  The volume was less than spectacular so I’m hoping we reverse lower tomorrow. I’m aware that I’m “hoping” and probably already lost. A continued move higher tomorrow will take me out of this one too.

Coming down from February (one of my best months ever) I have been struggling to get things rolling in March. The month is still young and I have lots of time to find my groove. Market action has been concerning to me & I have been keeping my position sizes much smaller than normal.

I have been in $LNKD since the last week of Feb (Again, very light). I think it has one of the best looking charts and is building a good looking cup & handle. I have a hunch that there will be a fast & violent shake out tomorrow morning to the lower trendline and I am hoping to add to my position below $85.  I think the company is irrelevant and will go the way of $YHOO in time but as far as charts go, she grew on me like she was a colony of E. Coli, and I am room-temperature Canadian beef.

Also watching these stocks from my weekend list. These are the survivors:

$KIM – Nice relative strength today and am watching this one to clear $18.95 on above average volume. Preferably, $19. Make them prove themselves.

$FLIR – Continues to consolidate under this resistance. Extraneous action/volume.

$EMC – I think this one provided an opportunity today, we’ll see tomorrow.

Also NKE, CMG & AZO made new highs.  It’s easy to get caught up with AAPL, but AAPL doesn’t make the market. Just an observation. Lots of irrational panic in the stream today.  Bullish until it’s not.

@affluenzavirus

$SPX Shenanigans

408 views

Looking at the $SPX daily chart it almost looks certain that we continue this move lower towards the trendline (~1180 area).

 

 

Looking at the 60 min chart you can see that this 1205 level is pretty important. If we can bounce overnight off the 1205 area we may beable to prolong this horseshit failure on the ES until Thursday. If we can’t (because Europe sucks shit.) then you can see it’s clear sailing to the lower levels. Then we will probably break down even lower and make new lows. Buy puts.

“You’re always nervous.”

182 views

Today I was talking with my brother, who is also a trader, about market sentiment.  At the moment, he is heavy on the bullish side with the belief that the when the market is full retard you grab and hang on until it stops, riding to victory, and while I agree with him on a level – I am much more cautious and don’t like chasing or feeling like I am not in control. I told him I am nervous about possible news over the weekend to which he replied, “You’re always nervous.”

It’s true. I am always complaining about hypothetical news based situations that would rain on my parade and destroy the planet.  I realized awhile ago that fear is my biggest obstacle trading the markets – by a long shot.  In my everlasting quest to become a robot and destroy all my petty human emotions I often need to step back and take a look at the bigger picture before I allow myself to make trading decisions based on irrational emotions and fear.

The greatest tool in battling emotions while trading is understanding what they are. Thoughts are powerful. A single thought can be responsible for destroying a good trade.

The mental part of fear always involves a projection into the future. It’s our reaction to something we think might happen that we don’t want. Or it’s our reaction to something we think will not happen that we do want.

News is irrelevant and inevitable, the only thing that matters is how your stock reacts to it. You need to trust ONLY your rules.  You know how to read charts, but do you trust them as you should?  If they don’t work and you are able to close out positions quickly there is no issue. Though, it’s always easier to say that than exercise it.

I missed most of this run on Thursday and paid for it today (Friday). Not with a lot of money but with emotional damage. Which is just as annoying.

This market is a crack whore and Europe isn’t suddenly magically OK overnight.  So, I’ll continue to be bullish but optimistically cautious until the market says otherwise, which maybe Monday. It doesn’t matter, but I won’t trade on irrational emotions.

“Fear is a primal instinct, not a function of higher brain faculties. When we logically think through our fears, we often find that they have no real rational basis.”

Clearly, this post is for me. I needed a reminder. If you found something worthwhile in it too, I’m glad. I’ll be posting some awesome charts over the weekend.

-Enjoy your evenings

It Pays To $SAVE

191 views

Just don’t be surprised when you crash in the everglades.

I wouldn’t be one bit surprised if the insane management at $SAVE crashes and burns before $AMR files bankruptcy.  This low cost airline can’t be profitable in the long term with high costs associated with being an airline, the revenue generated by each flight barely covers fuel expenses.  Not to mention their unethical business practices are driving away customers and employees.

They were the first ones who implemented fees for carry on baggage.  When buying tickets off their website they automatically sign you up for travel insurance and other hidden fees..etc.  Easy to miss if you are in a hurry.

Not to mention Airbuses suck shit and crash all the time.