Late in the session, the market was hit with a nice fake news piece that the Iraqi Prime Minister was blasted out of the sky as he flew around in his chopper. The news sullied a YOLO I was fleecing but otherwise did little to disrupt the status of my day, which ended up being a 2 bagger.
Whether someone just used their “get out of shorts free” card or not is something we can brood over in my tinfoil lined laboratory, or we can simply focus on continuing to take high quality trade setups.
I made a few adjustments to my book, nothing major. Waste Management (ticker: WM) was acting pathetic and weak into the bell, so I scratched my position. I am not trying to get in bed with the garbage man. I took two new longs in its place:
BALT and KING
I am mainly attracted to the shippers due to the collective showing of their charts, so you must bear with me if the fundamentals are putrid. I am looking for intermediate term order flow, not fundamental change of any kind.
KING has this lovely base below which formed over the month of May. The stock never went on a run, instead it IPOed and was tossed in the toilet.
Although part of me wants to shift all my focus to trading the futures, I know the possibilities of these low float stocks during a dead market. The market is churning its way up the roller coaster hill. You can carefully play very precise futures positions with tons of leverage, which I am, but you can also toss a few hand grenades carelessly at crap like KING. Both are coin making endeavors.
So while the world becomes increasingly bearish during the 24 hours of negative news (we are in a negative news cycle) , I will simply howl at the moon and toss idle funds into 2-12 day swing longs.
http://youtu.be/PDYhNn8D_bI
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