i'm saying, that i'm doing ok,day trade stocks for almost a decade without real time news,L2,real time scanners, alerts etc.. just trying to be market neutral+ diversify with bunch of small positions on both sides. works for me. i'm just surprised, how market react lately on single stock news, regardless to economic news, released earlier(which suppose to have bigger weight, than IBM outlook for example)
I'd be cautious blindly selling rallies. We are breaking out of a current down trend as we speak, although still in a larger down trend overall.
When I sell this rally it won't be blindly, and it won't be for more than about 2 or 3 points. The market is strong today, so yes, you definitely have to pick your spots, and that spot is definitely not right now. There is a definite pattern on a p&f chart for bullish reversals. The only problem I have is that sometimes during lunch those signals are less reliable than during other periods.