Today was almost like a vacation...

No Sh*t, really?? I did not know this :-/

 

I lost 5 ES points today. Who could have known that all the negative news would produce such a rally. This market defies logic. Do they think there will be no war?
I shorted at the high of the day (818), but it just kept running away. I bet if I went long, it would have gone down.

I guess it's the 13th.

 

Is call a break-out.... and they can be violant.
Logic? who needs logic when there is momentum?

wish you better days to come

 

Actually, it doesn't defy logic at all. If the news has been negative, then everybody who wants to sell has sold. That leaves those fund managers who want to pick up what they consider bargains at even-more-discounted prices, which moves the price up, which prompts short-covering, which draws in more longs, which prompts more short-covering, and there you go.

Ignore the news. Just trade the chart. Or the tape, if you prefer.

Incidentally, this is much the same as the last rally on the 18th, gap and everything, and the reasons are much the same as well.

--Db

 

...the rally is not the stupid one here

 

not referring to you candle (this time)

 

I found today very difficult. Huge offers being continually lifted by huge buyers in my stocks. It made my head spin! After commissions, I was flat because I churned a lot...it made my head spin!

Until we're really in a bull market, I'll have trouble making money on days like today. My style is too conservative and stops are too tight to take advantage of these buy, average down, close your eyes and hold on days!

I guess I'm not as smart as your average dodo...

 

hell no. flat thru the midday period.

made $$ on the short side early on and didn't want to chase the momentum up -- figured there would be higher probablity opportunity late in the day.

... like I said w/ the first post, this kind of money (short squeeze money) is easy -- hence the "vacation" comment.

(some people like to over-analyze very simple posts).

dog

 

I can't remember any time in recent memory where so many signs were pointing to an impending rally.

* hugely o/s market
* 5 (or 10) day MA of TRIN screaming o/s
* a recent intraday TRIN of 6-ish
* spike in the VIX Wednesday above previous peak
* ultra-bearishness among the general public

... if it were as easy as buying on positive news and selling on negative news, anyone could do it!

dog