Well I'm definitely NOT putting all my eggs in one basket. I have a side business that'll make me about 10k a year and since I'm a key player at work, I'll be getting a 40k bonus for sticking through until the sale is over, which may be several months away. Additionally, I may even 'go with the sale', so to speak. It's just an oppurtunity to do something to better my financial situation, if I can 'get it'. But thanks for the concern. I'd say that my main concern will be getting the proper exit strategy, since I'm not used to watching things on such a close basis. My previous method involved selecting good stocks using filters similar to the one you use here, but not so focused on cycling, and using a feature in TC 2007 that will combine any number of days into a single bar - usually 3 - and using basically the same indicator settings and triggers you use here and holding for a week or 2. It definitely was lower stress but lower return. I just hope that I can to the point that I find it 'boring' like Spyder does.
How are you guys going to trade tomorrow after such a monstrous drop today? wait and sit on the sideline to see how the market recovers to get a better idea of whether this is really a change in the trend? There's only 1 dryup stock IAAC for tomrrow, and it's not one that i am particular happy about... will sit out on it.... however, due to the big drop today, there are A LOT of bruno trades setting up for a run.... is anyone considering these bruno trades? i wonder how they will work out after the crazy market day we just had today. what do you think spyder?
Dang, what a day to miss. I decided to go for a hike today. I hope you folks made a bunch on the short side today. Well Spydertrader, you and I both kind of have to eat crow on that big NVEC move. We both pegged it as worthless, then it goes and immediately makes an over 20% run in a couple of days.
If I may borrow something from the futures side of the house, think of today as a 0730 CST report that the market has been waiting 1 month for. Think of the market as having been in a tight range right up to the release of the report. Would you jump on the freight train right then at 0730, or would you wait one to three 5 minute bars to buy/sell a retracement? I think the answer is pretty obvious if you are position trading this method, i.e. holding over a period of days. I would go to sleep for a few days. If you are daytrading and short selling, then that is a different answer.
Here is the HWCC chart I was looking at last night. It was truly an unbelieveable day. Not wishing pain on anyone; Channels worked for even the non Hershey stocks - RIMM, AAPL, ATI and BZH. My "red" today was OMRI where I got stopped out at $35.97. Next question: Will these stocks respect the Longer RTL? I'll let them tell me the story..... "don't let expecting lead to believing" Truly an amazing thread! Thanks to all who were patient answering my questions knowing it was a question that could have already been asked before....
A non Hershey respecting the FTT teachings (I think)... RIMM and AAPL and ATI; I got RIMM attached. Reason I shorted: - was bumping LTL after analyst upgrade; the LTL was a covergence of short term, medium term and LT lines. - No volume follow thru; volume on downtrend as price was going up. - Had a score of "2" i.e. Herd leaves - It opened lower than the low of yesterday. - Market was ugly Were we lucky? Will this be merely a continuation or is it a change in trend?
I think johnpinocet gave you some pretty sage advice. Then again, I have my eye on a few stocks that held strong in the face of today's avalanche. If they run, I might take a position or two just to see what happens. Happens every time I go and think I am smarter than the market. I'm happy to eat a little humble pie as long as some folks made some nice coin off that move. - Spydertrader
Will it break RTL? "Don't let expecting lead to believing"... Good luck to all of you tomorrow....but as Spydie would say...nuttin bout luck!
Short CRZO $30.80; short RIMM again $164. Not thinking of keep RIMM past EOD; tight stop at day's high or close it before I go to work! good luck ya all..
looks like NVEC is still going to surge on... didn't even drop that much compare to the other stocks in yesterday's mayhem