OPEN POSITIONS: LONG IBM 3000 67.33 +0.08 +240 LONG QLGC 3000 36.04 -0.11 -330 LONG AMZN 3000 13.81 -0.15 -450 LONG MLNM 4000 11.70 -0.67 -2,680 Balance <3,220> as shown CLOSED P&L: $4,462 OPEN P&L: ($3,220)
I hope traderM understands how the parentheses denote a negative value. Please DON'T use "less than <" and "greater than >" brackets as they often (though not always) confuse the vB Codes. Thanks.
Seanote, I don't know if it's an error, but your open position of IBM is 3000. Shouldn't it be 6000, since you bought 9000 and sold only 3000?
Joryan you are wrong. 1. 3000 IBM covered. Now he is flat IBM. 2. BOT 3000 (2400+600) IBM. SLD 3000 IBM. 3. BOT 3000 IBM. Swing, he is long 3000 IBM.
Technically, we have a touching of the 50-day and 200-day moving averages of the Dow today. The two moving averages are touching each other at Dow 9814. This places the Dow in its bearish mode for the first time, according to my moving average studies. Of course, it doesn't prevent the Dow from rallying, but it puts a "technical ceiling" in at the level of the shorter or 50-day MA. The 50-day MA is now declining rapidly. The S&P has carved out a massive "head-and-shoulders" pattern in the monthly charts. The S&P is "working" on a weak right shoulder now. On the monthly chart the S&P is now at its lowest closing level so far. The support for the huge bearish formation comes in at last September's low of about 944. The long-term moving averages of the S&P confirm the bearish head-and-shoulders pattern. The 20-month moving average crossed below the 40-month moving average last November at approximately 1292. The 20-month MA has now declined to 1152, well below the level of the 40-month MA which stands at 1273. Market forecasting is part knowledge and part intuition and art. The secret of "reading" the market is knowing what studies to toss out at any given time. I will be away from the computer until this afternoon.
i am curious ....why didn't you wait for QLGC to take out the low before closing position? you were already down -1.75 points and the low was only another -.40 away. that might be the LOD, and a MASDQ mini-rally is not completely out of the question. just curious as to your reasoning on this trade?