We just wrapped up another neutral day in the spooz. It’s funny, these neutral days, sometimes referred to as normal days, are very rare. Yet here I am, for the third time this month bringing one to your attention.
The trade is so telegraphed, it’s treated me well. I didn’t take it today because I was pulled into a meeting, but damn listen up: when you get a wide range during the first hour of RTH, then there’s range extension in one direction (today lower) then dynamic price action takes us ALL THE WAY to the other side of the profile and we get range extension in the other direction, there’s a HIGH probability price will return to the mean before doing anything else. Awesome and amazing, yes yes yes?
Anyhow this type of session often precludes turning points in the market. Hopefully, the turn is to the higher because I tossed on a bunch of risk into the bell.
I sold my AWK investment today. It felt odd, I’ve held it for a very long time. I feel without it, if you know what I mean. But I’ve made so much in the name, it has come so far, and Yields Are Under Attack. I booked it. Remember, I swear no allegiance.
This put a ton of cash on the books and all the sudden I was almost 50 percent cash. Down here!? It was too much to bear <sic>.
I went shopping.
I bought DDD this morning, and then I bought more in the afternoon. I don’t like this stock very much yet. It has all the makings of a bull trap, if you ask me. Why am I long then? If it opens higher it will rip heads off.
I added to my RGLD long. Sometimes, when you feel like taking profits, that’s the best time to buy more.
I bought RVLT. It spiked hard. RaginCajun highlighted it very quickly, I just clicked the button. The stock is on my “always stalking” list. I trimmed a bit of bread off to place on my table into the closing bell.
I added to my SNDK weekly options, $57.50 strike. This stock, like DDD, is tricky in that it didn’t quite signal. I would have liked to see yesterday’s high taken out. Hand grenades and horseshoes I suppose.
I’ll either feel very smart, or very busy tomorrow morning—trading my way out of the paper bag I built. Something about making money in these markets makes me want more. Patience.
I cut cash down to 25 percent.
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