Of course the news flow had some merit. After all there were serious talks occurring in Washington DC, the epicenter of insider trading. But save me the wordy discussions, I can see their footprints in the walk of price.
Funny to see former Detroit Mayor Kilpatrick getting 28 years in the hole while the Federal government plays budgetary chicken. I never considered Kwame’s actions worse than your average politician, they only seemed move obvious. I promise you, the city of Detroit is a better off with Big Meech behind bars a solid 20-something years.
Enough, let’s discuss what happened here today. We gapped up huge overnight and drove hard off the open. At that point it was simply a matter of finding a way to grab on to the long side and hold on for one hell of a ride.
We had upside targets in mind and they were achieved before 11am. These targets were far from the opening print and I thought it may take us all day, if not into the weekend to achieve the prices.
But there’s eager money out there, yearning for another hit.
What worked for me today?
- LED stocks crushed today—all of them. The industry is on fire.
- Buying GOGO blood yesterday, veddy nice
- Vapor smokes via Newport cigarette maker LO – that is a quality company with a quality chart. Don’t be blu [sic] if you missed today’s move because it is just getting started. Nice dividend too.
- Measured move, market profile, and Fibonacci confluence – My most profitable day trade was a four handle short in the spooz.
- My /NQ algo. It is starting to worry me, it is on a roll
- The mighty PPT
What didn’t work?
- ONVO was quiet…almost too quiet
- Z didn’t make much of a bounce
- Cash, lazy lazy cash
There was a bit of selling into the bell and the waters are still choppy, however cool minds prevailed and top calling continues to be a daunting task. Tomorrow will be the challenging day after a trend day. The location of today’s close also precludes chop in store for tomorrow.
Should we not chop, but instead drive higher or lower, it would be a surprise and a reason to adjust your stance.If you enjoy the content at iBankCoin, please follow us on Twitter