Resilient. This market took the terrorist attacks in London very poorly in premarket hours and as more info came in began to bottom; off to the races, we were, for the rest of the session.
Volume rose across the board and the tails in the Dow, SP 600, SP500 charts show how beautiful the reversals were. The Nasdaq was the super strong index today. Last night before I took my quick nap, NQs were down 41. Just awesome, the come back.
Market Indexes: Long term (Oct 2002) uptrend, Intermediate term (Aug 2004) uptrend, sub-intermediate term (January 2005) downtrend, and Short term (last month) latteral.
That is what is happening in the market, currently. Predicting the future is impossible, so I dont know what is going to happen next. But the market held up really well today in light of terrorist attacks and there are still good charts out there. Plus I went through my short scan and can not find any new shorts to add to the ones already put on. Still volume was much lighter than I expected, so there was not a real sense of fear in the air. Some negatives, some positives, some sideways action.
New Longs: CHCI GR ENY AEZ CCC MFLX INTU ININ
Longs Still Looking Good: ASEI COGT IBN ICON DCEL RBAK THQI ABP BSMD
New Shorts: Oddly none!
Aloha
4 comments:
You know I love the blog and read it everyday, but if isn't too much trouble, could you tell us when you sell a stock? I have talked to you on IRC about it and I know the signs, but if you could post when, in your professional opinion, your picked positions should be closed, that would be super. Thanks for all the info.
Thank you for the wonderful commments.
No, lemonbutt I will not post every sell. Just like not posting my exact entry points, I am not going to do that for free.
After many years of being profitable, I know that I deserve to get paid to coach or mentor someone. Doing something like that for free takes too much time.
I do this blog cause I love to write. If I am going to post exact buy and sells, I definitely deserve a pay check.
Aloha,
How are you?
I have been reading your blog everyday like everyone else. I am admiring more and more at your uncanny abilities of picking stocks at the early stage before they break out big.
For example, on June 30th you went long with HITK likewise you went long today with CHCI. If I were you I would have picked HITK above 31.40 and CHCI above 26. But you went long way before these prices. How do you pick these sweet spots? Can you educate me on this?
After reading your blogs, I ordered "Dave Landry's 10 Best Swing trading Patterns and Strategies". I am anxiously waiting for this book. Is there any other book on Swing trading you can suggest?
BTW, did you read WSJ last Friday? Great story on James Simons hedge fund.
I know you are very busy but if you get some time please do reply.
-Bala
I dont think it is possible to educate someone on this (finding charts before breakout) because I,
honestly, believe I am able to do this because I have seen so many charts in my short life.
The past 10 years I have looked at over 700,000
charts in different time frames. 10 yrs ago at the
age of 16, I could even see the patterns then. This is
something very inate and I have this thing for
patterns. But I cant see everything. Look at ADEX. I
did not see that coming. I dont know how to describe it. I can just see that the volume, price, and time all come together like I have seen it before.
I did read the story on James Simms it was all over
www.realmoney.com. Program trading accounts for around
75% of sp500 trades last month!!!!!! That was the most
ever. It is a different game now. Like it always is.
But still the same players and the same supply/demand
ratio.
For Swing Trading: I am going to have to check my library. I will post it on the next blog's comments.
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