iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,725 Blog Posts

Turns Out The News Was Fake

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.

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8 comments

  1. UncleBuccs

    Raul, looking at a daily of the SPX, it seems as though it sits atop the ‘Wall of Worry” – ready to fall into ‘Aversion’. Obviously this all happened somewhat fast, but on 9/12, the entire ‘Aversion’ move took place within one day. This market isn’t for the flat footed….

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    • Raul3

      To my eye, talking daily SPX chart, we just bounced off the panic lows. We are operating on borrowed time to the upside and soon we dip down into a discouragement phase.

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      • UncleBuccs

        Well, I find your assessment Discouraging, so it’s the likely course…

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        • Raul3

          I could be on a smaller time frame then you even within the daily chart. And the discouragement phase I see may in fact be a big aversion move to gobble up. I see the wall-o-worry you are referencing

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  2. elizamae

    Did I just read “Newport cigarette” and “quality” in the same sentence?

    I love having one of these hideous monstrosities of a company in my long term portfolio. $MO is my choice, but with the dividends you can’t really go wrong with any of them.

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    • Raul3

      quality especially because they are pressing hard into the vapor game.

      Plus no one can resist the minty lung decaying experience a few puffs from a Newport brings.

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      • elizamae

        I saw some dude “smoking” one of those at a mall kiosk the other day…which made me feel good in that “hey, no matter what, at least I’m not peddling ecigarettes at a mall kiosk”.

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        • Raul3

          You make me laugh elizamae

          I go to these rave parties and all the kids are puffing eCigs….we’re getting them hooked early it’s nice. They like the glow tips most, it reminds them of their glow sticks, I think.

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