Many sectors moved big today. Up and down and all around. Volume was over 1.5 billion on NYSE. It felt like old times. I got smoked on a few trades but still ended up nice on day because i scored big on my winners. This is how it used to be nearly every day with lots of sectors having 3%+ ranges. Please don't let this be just a teast mr market. Lets keep the action going. I hope this is a sign of things to come in 2004. I didn't trade friday but that seemed like a decent day too.
Have people been making money day-trading for last quarter of '03? October, November, December of '03? I mean at least $10- $20 K per month on average?
Friday sucked, very slow and boring. As for today, what do you expect? It's really the first day of the year and there was heavy volume probably from the first initial positions that the institutions were taking. I mean the S&P and Dow were FLAT on heavy volume most of the time.
Proficient day traders make net money in any kind of market. But the point is that in this kind of market you really do want to be a day trader as little as possible and unless it is really necessary. Day trader is just the public who is taken advantage of by what I call crooks. Once the crooks found too many becomes day trader but they cannnot take advantage of too much, they change rules! This is all the add-on rules on PDT number of trades and margin, fees, shorting, and bullets all about. If you are a dumb money losing day trader or orindary investor under the crooks control, they will be very happy to serve you.
no question, the funny money is back. ya gots to know how to find the action before it gets too bloated.
Market getting giddy and parabolic, not that the trend will reverse, but ripe for alittle correction soon. Some shorts capitulate, VIX big drop?