"It's like running up the down-escalator but failing to make it to the top. You almost get there, you're tired, you stop and the escalator simply takes you down again." --Seanote Good analogy
Thanks for your commentary Seanote. I appreciate your insights mixed in with the normal buy/sell orders. Good trading to you.
This will help put this year in perspective. These percentages are not from their highs, but opening price Jan 1. AOL Time down 50.6% so far this year. AT&T down 45.0% ATT Wrls down 54.4%. Avaya down 57.6%. Cisco down 15.6% Citigroup down 18.4%. EMC down 48.7%. ExxonMob. up 1.0% Gen. Elect. down 24.3%. Home Dep. down 25.4%. Intel down 31.4% IBM down 38.3%. John&John Dow 3.1% Lucent down 42.6%. Merck down 11.6%. Microsoft down 16.2%. Oracle down 40.2%. Pfizer down 12.1%. Verizon down 12.1% Wal-mart up 1.3%.
That trade will get busted. If you use charts and studie make sure you edit that trade or it will throw off your indicators.
Seanote, Are you waiting out this rally? You haven't done anything today, so I'm guessing you think it will reverse at some point, unless you are long S&P's. This is triple witching week, so some craziness can be anticipated.
I'm pretty confident the market will reverse this afternoon or tomorrow but it's still very difficult to trade right today. Today is shaping up to be a non-trading day unless we get some movement after lunch due to the lack of volatility and this rally trading at the the hgih end for the day. That creates a lot of uncertainty intraday which is why I've elected to trade less or stop for the day after my JPM position is closed.