The S&P traded in a silly manner today, pressing higher without much by the way of a rotation lower. The action had the strong scent of big money sloshing around, it smells like chemicals. We finally rotated lower in the last half hour of trade, but not quite enough to allow me entry on the long side.
For the day I was up 1.5 trading discretionary using the Bossram cycle, and Elroi was down 1 handle. Most of that vertical movement was untradeable with my toolbox.
It became clear early on I wouldn’t have much action in the /ES so I turned my focus to the stocks. For some reason, likely the lower leverage, I’m much more careless with my entries. I identified a quality entry point in BBRY today, but with the broad markets busting through resistance with ease I rushed my entry. The trade ended up working out so far, but unnecessary risk was taken. That’s the over analytic, slightly perturbed me talking about BBRY.
I’ve seen this daily chart pattern play out 100s of times: a stock is in a long trend, by long I mean months, quarters, or years. Then it makes a sharp move higher (or lower) to a reference point, like the 9ema. Then it throws down some price action that forms a letter ‘N’. You buy that setup. You buy that setup every time. That was the case in BBRY today. Having Cool Hand Luke aka #voodooshark aka RaginCajun as your wingman makes the trade even easier. This evening I’ll be donning a Canadian belt buckle at the local grocery, and tomorrow a full Canadian tuxedo, regardless of the heat or itinerary. Please refer to me as Drake, the name of all Canadian men. That’s the long hair don’t care me talking about smacking BBRY around.
Sometimes a beautiful woman sullies her entire appearance by lacking confidence. Take 20 minutes to practice your posture and enjoy the confidence it brings you. Raul writes for the ladies.
I scored big wins in YGE, YELP, BBRY, AIXG, and TRLA today.
FB, USO, and END lagged. Meanwhile, RVLT was beaten over the head with a sack of nickels. They need to land some big retrofits and blow the news out on the wires. I have to stick with this name. You probably shouldn’t. This isn’t some hot sexy trade, like you all crave so rabidly. This is a cold, passive aggressive relationship that will eventually fruit into something beautiful after several months of therapy. At that point things will warm up. Until then it’s the highs and lows of mood swings and recovery. It’s a long way, to the top, if you want to rock and roll.
I added to RVLT today.