Well today it was! A huge headache for the day traders indeed.
I waited for the final 10 minutes as I noticed this cRaZy intraday channel on the 4-hour chart. Look at that! On the bottom of the channel 8,400 (and slightly below that) was tested at least 5 times! Then, 8470 was tested on the top about 6 times. That’s a 70 point up and down swing over and over again. Makes you dizzy.
…I’m sure everyone was thinking… “breakout time” … “no, breakdown time”… “no wait… ahhhhhhhhhhh!”
I surely felt it myself, and for those of you that are following me on Twitter got a little treat in seeing me blowing off my frustration on today’s tape.
Anyway, I still managed to pull off a nice +2 point gain in the final 10 minutes of trading by getting long EEV. Notice on the chart where I took the “short”. Once 8,400 broke, then 8390 broke, it was all over with so little time left. I know a lot of traders out there were watching that point with me, and congrats if you played it right. Play the panic!
I did, however, cleared out majority of my swing longs and shorts at a loss. This is stock market tug-o-war and it’s pointless for me to pull with them (I covered IRBT at a gain, sold FXP at an unacceptable gain, sold BUCY at a loss of -5%, sold CLR at a loss of about -8% which was at 1/4 position already, and covered HK short at a loss -6%).
I guess we had another Bull trap on this tape. A lot of them getting rolled over, no?
Keep your swing trades light, and your day trade setups very strict. Aloha to my new Twitter friends… Let’s see if I already know some of you. Oh, hey Ragin! Lol. Hi Anton. And finally, I got this Twit (tweet? twat? twitter?) from Adrian H, which is a superb haiku: “shiny hair bright eyes / very cute cute cute cute cute / too bad she’s engaged”
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guildinvestment / Guild Investment Mgt |
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Micro_Cap_Pulse
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detrender
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Tonvol
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RaginCajun
 You are following RaginCajun |
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Anton_Cigur
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Adrian_H / Adrian Heilbut
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brettonwoodsII
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topper_harley / Topper Harley
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DMG1
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jig06
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B_whenigrowup / bcjoves
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GI-HO
Whatcha think about shorting GME?
Activision and ERTS have been getting donkey punched.
… its still a short. Heading to teens. but finding a good entry point right now is hard. I’d average in.
btw… I hate Garnett.
… video games will be sold for 1/3 of what they are today.
PS3 console and Wii Console will be marked down. xBox360 has already done so big time.
“…I’m sure everyone was thinking… “breakout time” … “no, breakdown time”… “no wait… ahhhhhhhhhhh!””
my thoughts exactly.
Thanks Gio for the reply.
GIO is GOD
TGT – Book Value (MRQ) $17.83
Sigh, and yet here it is, hanging around at $30+
TGT, the new WaMu
Hey Scum.. they are opening up 2 target stores here in Oahu. You got a nice pick there. Its either a double bottom at 30, or another leg down to the mid-20s. The fact that they are opening up stores in Hawaii, is probably a good sign to short TGT.
hi gio!
You can’t swing a banjo around without hitting a bull in the butt in this market. It’s like shooting fish in a barrel! [/mixed metaphor]
PS: I checked the book value on NCS too, most of the meat is already off that bone.
Gio, you nailed it. The chart was even more f’ed up on the $RUT. First it looked like an expanding triangle, then a contracting one …. then tada its a diamond. When it broke the ascending trendline I started to short. I wish it would have declined further; I want to throw more on the short side but I am trying to be prudent (and humble).
Gio, Did you check the action on GS, USB, C, etc.? SKF is multi-orgasmic.
The best time to daytrade (with the exception of a day like last Thurs.) recently has been the first 15-30 minutes and the last 15-30 minutes of the day.
I have been devoting the rest of the day (which has been too choppy) to removing wallpaper and painting the rooms in the house.
Scum… you have no idea how irked i am at SKF. I got stopped out around 168 this morning. 🙁
TraderCaddy… you’re right. about 2 weeks ago it was the final 30 minutes of trading… I called it “330 trading”. Today it was the final 10 minutes.
Actually, the best time to daytrade is not necessarily a time, but a when… that is, “when volume drastically picks up,” and you have a powerful intraday trend. For example, last Thursday’s 850 point swing. right now, we’re playing very strict day trading setups in the beginning and end of the days as long as no volume surge.
OK, so how do I follow you on Twitter?
hi El Ditto. u have a twitter account? Get one, then search for “thehawaiitrader” then click “follow”. My twitter also broadcasts on the sidebar of this page. looking forward to seeing you.
I lifted these comments re: TGT:
1) The No. 2 U.S. discount retailer also said it’s temporarily suspending its share repurchase plan and has cut its expected 2009 capital spending by $1 billion to preserve cash…
2) So Target buys it’s own stock when the price is high and stops buying when the price drops.
Lol.
3) Some time ago a Target opened in Brooklyn. It’s frequented by lots of low- and moderate-income people. The one time I went there, the register tape froze up, and I was told I would have to go to the office to get a receipt.
I waited in the office for a manager to be found to go on the computer and print my receipt. Right above the time clock was a big sign: “PUSH CREDIT.” That was the instruction to all the recently-hired clerks; get their struggling neighbors to get Target credit cards and go into debt…
I have heard they book profit based on bogus revenue like WM, and that their credit cards are already showing a 25% default rate.
Scum — Target doesn’t underwrite it’s own cards, it just takes the revenue from it (less a transaction fee).
Likely it’s GE or some other pseudo bank behind those cards.
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Jake, I heard no-one is buying those crap credit card debts anymore. I could be wrong.
Scum, sorry, my bad…. They actually retain quite a bit of their exposure — they have their own bank!
Idiots.
But they did lay off almost 50% of their receivables on JPM this past summer.
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Charge-offs are only 8.1%, my bad. I think they only sold half their portfolio of card debt tho:
http://www.indystar.com/article/20081117/BUSINESS/811170322
Wow, folks over here are politely exchanging useful information. Thank you.
today sucked…
today I died… twice.
“Markets are likely to continue their wild price swings for the next few weeks, as Mars transits through Sagittarius November 16-December 27”