Today was a good day for day traders… not really. Unless you traded the final 30 minutes. It took a lot of strength to sit through the entire day’s low volume action. But I waited for the close to make a move. Twitter was down all day so I caught up with some friends over at WallStreak. I’m trying to get Stewie to get a twitter so some of you day traders can learn something from him. Anyway I put in this trade at the end of the day:
Another messy 3 point gain here, but it took a lot of balls to play since there were many attempts to get FXP back above 78. Basically I knew that today’s market would have a very volatile close, but the probability for a short squeeze would be very high. So, even though the market swung hard in 80 point channels, I sat through it and covered near the close (holding the rest as an ONH). I guess yesterday’s market should have already given you an idea of what to expect today’s market volatility would be like. Anyway, know the game, and play by the rules. The game always changes. Dynamic traders rule this tape. If you haven’t already done so, please read my previous post on Sisyphus Rallies. It will give you a good idea on how to trade this market from an important perspective.
Aloha to the my latest twitter collaborates!…
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TodaysTrading |
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hjl / Ho John Lee | |
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matchpointtrade | |
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prefad | |
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mankle6053 | |
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coffeygrinds / Andrew Coffey
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The correlation between equities and Ts is lost. The light volume suggests that more forced selling will cause the nestea plunge.
The bigger they are, the harder they fall. My latest Goliath = XOM, target price = 50.
Hey, Thanks for the spotlight :). I have burned my hands already in this market and I am waiting on the sidelines. I hope to read-read-read before I start playing this market again. Trading in this market is like going for xgames for bike stunts just after learning how to ride it – its got to hurt!
why a 2000 point rally instead of a rally up to 9500?