Waiting for any rally is frustrating!

Discussion in 'Trading' started by dsq, Jul 7, 2008.

  1. dsq


    Been looking to play a big rally for about a week and what a pain.Ive been trading T in that time and am just grinding out a pittance or flat.I got loaded up today prematurely before the big drop and had to wait out the bounce to get out with a pissy gain.This is not worth losing sleep over!!
  2. fighting the trend is hard. you will have many sleepless nights. the way the market traded today everybody was a little nervous even the shorts.:cool:
  3. My question is - why are you grinding a telecom?
  4. dsq


    its conservative ,safer ...has garanteed intraday movement...T is great for me.I only traade dow stocks and really have wittled it down to just trading T.I know it and have a good feel for it...I wont get rich doing this but i wont get killed.Been there,done that.
  5. neke


    Yes, it is amazing how the market keeps dropping without support. I abstain from shorting, thinking this is overdone, and we could have a violent reversal any time. So far it hasn't happened, and I have missed out on the gains on the short side.
  6. dsq


    since sentiment is so negative for the last 2 weeks the only indicator that hasnt become bullish is the VIX.When vix goes above 30 the bottom will be imminent.Its at 26 right now.

    Todays action was bewildering.Dollar up,oil down,market rallies nicely then implodes,then rallies and then fades.
    I wanted to hold overnight and then said f this.Cant make heads or tails of this.Even high yielding stocks like T are getting wacked which makes me think telecom could start making new multi year lows pending bad news?
  7. iprph90


    if it is any consolation we are pretty close to major multi year support in spx 1175-1225. it took 9/11 for the market to trend lower.