I do forecasting based trading. Agree, news is noise. I do watch the key economic news items that usually come in at 10am but it is the days pattern which will prevail.
I was happily short BRCM .... the move just blew me away. I was green $2200 on my short and 3 minutes later was down $1000. hadn't seen a move like that in 3 years. I did manage to cover and worked the position back to flat. The BRCM guidance then spread to a number of other issues. I made some good money on the SNDK bounce and another couple $k on the NVDA rally. I was surprised the indexes did not move more than they did. Suggests to me some selective buying by Hedge Funds, etc. We will see what tomorrow brings. It does feel good to be flat after the whipping around today. Market did not like the CSCO or NVDA guidance. Move fun tomorrow for sure.
I see, as usual everyone was long, bailed out, not short. I'm still looking for the guys that are short on up moves and long on down moves, but I can never find them. Like the clown that posts with great haste all his brilliant and swift entries on a well known chat room, but rarely if ever an exit. So if the stock keeps going , well he's a genius for holding, and if it tanks , well, he sold at a profit, but just didn't post it. Rant over. PS I know what those moves are, but I would be dissapeared from the planet in a day if I revealed it.
If a 'sell' is recommended and from the time of that advice the market goes no higher and ends 60 points down, what is the problem? Surely if some had sold at the time of that advice they can choose their own exit at whatever profit level they decide?
Come on tell us..... You can always say your source was some reporter, then hope they do not "FORCE" the reporter to reveal their source... Scooter dropped the ball on that one, but surely he had his marching orders from the other end of the conference table. Maybe some action today in the pits, the week after the jobs report is a slow reports week. Someone start a rumor.....
13:06 Dow (+31) sees 20 pt spike following positive 10-yr auction... see comment below 13:06 Yields Swatted on 10-yr Auction Results The treasury market was hanging at the highs heading into the auction results; the final leg showed the $13B 10-yrs drew 4.578% with a bid-to-cover of 2.24 and a whooping 55.6% on the indirect bidder participation rate. Nice. The market ran higher, taking 10-yr yields to 4.576%