Now I'm cursing to myself why I didn't take the profit at 66 where the support is practically glaring out at me. (Well, obviously I believed it would go lower, which I still think is possible.)
Profit today in all trading - stocks, options, and ES - was a Grand Total of $56.50 Trading has been very tiring during past 3 weeks.
Never used to pay attention to the VIX, a build up prior to the drop in the indexes was so obviously seen. Credit crunch my ass. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2258284>
All transitional periods are like this - Clinton to Bush, Greenspan to Burnanke, and now Bush to Obama. If there is no pressure to perform, then take a break now and have a fresh start after Inauguration.
Just a thought, On Inauguration date, wouldn't that be a great start if, Dow at 8000 NDX at 1100 SPX at 800 Triple round # is nice, isn't it?
I've been told that those who trade futures are the best of their breed. They're right, it sure does feel like this market is ran by a bunch of dumbass amateurs. There's absolutely no reason or rhyme in these price moves. It figures!
i dont mean to beat a dead horse but oil was acting as the dog today and the S&P was the tail there were 3 instances where when both were at the low point on their bars and oil preceded the S&P's rise by anywhere from 2 to 5 mins. It probably means nothing but it has been working the last couple days. The dollar could be an interesting catalyst tomorrow. It can't seem to stay above 85 and there is no reason for to do so. As $ comes down S&P probably goes up. Chart makes that cool DNA looking pattern might even short the dollar over night and and take an extra ambian.
Sorry for taking so long to reply. For journal integrity purposes, I was stopped out. If I do not post otherwise, moving stop, taking profits on partial, etc. assume the target or stop was hit. If I am not able to post trade management, for the better or worse in real time, I let the original posting in the journal stand for integrity purposes.
Equities and oil have moved in tandem the past 3 months or so but this relationship could decouple anytime, like the recent equities/Yen link. While Energy stocks can help the markets rally, the financials and techs are more powerful. Today Financials reversed off the lows quite early and finished about 4% above the LOD; UYG was up about 7% from LOD. If this market rallies it will be led by the financials. They look very oversold now. I have bought UYG FEB 4 calls and will by more if UYG goes below 4.3 I am considering XLF FEB 10 calls but UYG is far more oversold and potentially more profitable.