Power Dips for Wednesday
Wednesday, July 8, 2009 at 9:00 am
Yesterday was difficult for the Power Dip strategy, but it could have been worse. The model portfolio was full after purchasing four more dips on Tuesday’s open.
More setups appeared after yesterday’s weakness. They will not be purchased by the model portfolio, but I will list them here anyway.
Amylin Pharmaceuticals, Inc. (AMLN: 22.71 +0.31%) , (ARMH: 10.42 -1.23%) , (CAST: 7.88 +1.29%) , (IFON: 1.08 -2.70%) , and Maxwell Technologies Inc. (MXWL: 12.76 -5.06%)
I will post the updated spreadsheet this evening showing the results of all of the new positions.
Nice looking charts on all of these. Not looking to get long here but still nice charts to keep in mind.
Great call yesterday .
Freeman, thank you. However, the day is still young. I’m hoping that we can get a green close, but I’m not holding my breath.
Told you that you were wrong and don’t know what you were talking about, homoboy.
Yes, you got me! Nice work!
Yes, the irony of it all is from an analysis/statistical standpoint you are probably right but that does not mean practically you will be rigth THIS time.
BTW, I doubled up on my BGZ this morning on the early bounce.
woodshedder makes another stupid call.. 25% long at the open.. ha ha ha
Pay attention to the VIX wood man..
Marc, good for you. Enjoy your schadenfreude.
Whut izzat, tastes like Jaegermeister?
____
Wood, thank you for your Golden Cross Analysis. It has helped become a much better trader in the last 4 days. Thank you from RICHMOND, VA, Wood.
http://ibankcoin.com/woodshedderblog/2009/07/01/mr-denninger-is-incorrect/
Alright Woodshedder, I give. What’s with all of these horrendous crayon drawings of crab people? Is this some insidious patch you’ve implemented on your page?
Mr. Thaler, those horrendous crayon drawings are in fact remnants of Denninger’s zombie attacks.
It is interesting to note though that the insidious patch has an uncanny ability to portray the zombies in details that are stunningly similar to how they look in real life.
Seriously… What the fuck is up with all of you Woodshed haters?
This guy works his ass off on his systems. He’s a boss, and made a wrong call. Everyone makes wrong calls… If nobody made wrong calls, we wouldn’t be in the shit hole we’re in now.
Shut the hell up Crayon-Drawn Crab People, for you are a peon and have no right to piss on Woodshed’s hard work.
What are your track record’s looking like this year anyway?
My track record is still completely transparent on Covestor.
There have only been two trades this year, one being my SPY trade this a.m., that were not in my account tracked by Covestor. The other was a profitable Power Dip trade.
Thanks Zmoose.
Being wrong is overhead in this business. It isn’t really “wrong” if you are following a well-defined and track-proven entry, exit and position sizing criteria - it is just the cost of doing business. Anyone who has actually traded real money for any respectable length of time immediately recognizes these comments by the Crayolas as blatant ignorance and amateurish at best.
lol, i guess i need a non-crayola avatar but they don’t take 3-letter names
Why do so many people have such a hard time with the concept of probabilities?
Going long at the open was not “ironic” nor was it a “wrong” call, historical analysis simply indicated that the odds favored a bounce instead of further selling.
If X does Y 60% of the time when given Z, then you take the trade even though there is a 40% chance that X won’t do Y given Z.
Don’t make it more difficult or complicated than it needs to be folks, human psychology doesn’t change, so just find a way to take advantage of the crowd’s psychology to make money…not on every trade, but over time. Don’t worry about being right, worry about making money, that is what system trading is all about.
Dogwood, it may be that most of these folks simply just do not get it. Who knows how they make decisions about when to enter and when to exit, but it is sure not based on probabilities.
And for the sake of posterity, The Dow and Nasdaq closed higher, while the SPX closed down .17%
You wouldn’t know that though as the folks who were so quick to throw dirt in my face when the indices were down today mysteriously disappeared when the indices turned up.
That is my conclusion as well. Sometimes the simplest concepts are the hardest to understand or accept because they appear to be so simple they can’t possibly be valid.
The reason probability isn’t 50/50 (substitute efficient markets, random walk, etc) is precisely because people refuse to understand these concepts which evidently reminds them of that annoying math class that interfered with dodgeball in PE. As painfull as it is to watch, these people are the very reason markets are not efficient and I for one are incredibly grateful they choose to participate in the markets.
Shit, we need the edit feature back. I was apparently too busy with math to study English.
bhh, one word: Scotch
touché
avatar test
another test
B, gravatar caches the avatars and so they will take a few hours to update if you change them.
Well, things seem to have slowed down now that he’s gotten the attention he wants (aka DK).
I still think DK looks like Fogell.
Uh.. anyone notice how Wood’s favourite critic still continues to ape other bloggers?
Case in point, last night Mish posted Geithner Lies Again as PPIP Prepares for Launch at 18h27 (that’s 6:27 to the rest of you) and today at 08h18 KD is at it with his spin.
Of the two “geeks turned economic experts”, I still mostly prefer Mish though he’s way too libertarian for any good sensible person to be.