There are crazy moves, both ways, going down in this market of stocks.
Early on we had a pretty solid read on the Nasdaq and S&P and we were talking through the psychology inside the 12631 pay wall. I trade little blips in the gyrations of the NASDAQ and my current goal is not to earn money but instead to consistently identify, trigger, and manage one trading picture. I have set the lofty goal of being right 75% of the time. This is for me to prove TO ME that I have the fortitude to trade futures before committing adult money to the venture.
But I was watching my move play out and I started noticing excessive aggression from the sellers. Have you ever walked up to a girl and started talking game only to quickly find out her husband or boyfriend is close in tote? Said boyfriend often puffs out his chest and behaves like a primate because he feels threatened. This is overreacting and once it happens you can almost rest assured you have won…something, life, the momentary affection of the women, whatever. Market participants do the same thing all the time just before they lose. The more you watch the tape, the clearer it becomes.
Anyhow, sellers started acting like scared bitches just before eleven and the S&P was trading up into the key battle line highlighted this morning. This is what had me buying WDAY and WLT. I got in before the pop and used most of my money doing it. I am now 95% long and uncomfortably so.
So I went into my portfolio and tried really hard to find something to sell before the market makes me sell and I came out empty handed. I know, it is completely negligent to be 95% long way up here but I cannot justify selling any of my positions where they stand.
I honestly feel as pickled into a catch 22 as I have ever felt in my trading career.
Off topic: I have sustained myself on water and candy ONLY today. My eyes feel like they want to explode and gush sugar all over my keyboard.
Not chocolate nutty candy either…just the crack: taffies, lemon heads, now and later cubes, dubble bubbles (apropos), and jujyfruits.
Gallons of water.
Somebody convince me to sell one of these holdings, largest-to-smallest:
ONVO, PPC, RVLT, USO, LO, WLT, GOGO, ADHD, CREE, WDAY, SLW, F, LEDS, FXY, IMMR, MJNA, and OIf you enjoy the content at iBankCoin, please follow us on Twitter