The market had only been open for 12 minutes at the time a closed QLGC. I don't put much emphasis on day lows that early into the trading day when setting stops or exiting positions.
Seanote You were originally in last weeks posting looking for the market to sell down this week. Last night you took longs home. Have you changed your opinion of the market?
No, as Vinny pointed out, yesterday's movement prompted a overnight long stance. Overall, I still think we have quite a bit downside left, but I will still play the bounces in between.
TODAYS EXECUTIONS: 10:08:31 AMZN SLD 3000 13.73 09:42:00 QLGC SLD 3000 34.26 09:40:14 IBM SLD 3000 69.07 OPEN POSITIONS: LONG MLNM 4000 11.71 -0.87 CLOSED P&L: ($1,470) OPEN P&L: ($3,560) MTD: $2,992 YTD: $258,359
Hey Seanote, I think I read somewhere on your previous post that you also trade the eminis. Do you plan on starting a trade log for the Futures? Just wondering. Excellent trading by the way. Keep it up.
I've thought about posting my futures trades, but stocks take quite a bit of time already. I originally thought I would choose futures or stock full time depending how well I traded futures but now I'm beginning to lean towards both. I'm happy with my returns on futures but now realize how much I like trading stock.
Yesterday's selling should mark the low. A confluence of negative factors (terror warnings, pre-holiday sales, and bad accounting news) combined to push the markets lower. The put/call ratio was over 1 at the end of the day, showing excessive pessimism. The Dow didn't break last week's lows and the breakdown in the S&P was not convincing. Today: The market is poised to rally. The initial jobless claim number may get the credit, but investors are likely to focus on any good news or even the absence of bad news. Expect a rally to one of the many resistance levels. Support: Dow 8,926, S&P 945, Nasdaq 1,356 Resistance: Dow 9,400, S&P 1,005, Nasdaq 1,485
BGEN - Short Reasoning: after gapping up and back again, BGEN has broke support levels and is headed lower from here...expect a retrace Stop: $39 Target: $34 BRCM - Short Reasoning: Broadcom looks like an avalanche going downhill. Minor support at 25, 22.5 and 20 were all swept away. Lots of downward momentum and no support in sight. Stop: $18.50 (June 26 High) Price Objective: $12