Toss it all in.. crush it all up and see what comes out end of the day. There is so much going on and it's making this market turn on a dime. Political, Eco numbers today, 5% gain in Oil in two days, Bernanke roast yesterday..etc. As traders, what we want is a strong close to the day, what happens at the open, mid day is usually forgotten by the end of day. Simply, it's the close that matters and today we got a nice reversal end of day. Is it mostly end of Quarter window dressing?. Could be, just toss it in the blender too and see if it continues into what is usually profit taking Friday, except after this week there is not much to pull off in the way of profits, but we don't know how many want to wake up to news of an air raid in the Persian Gulf on their way to church on Sunday. You could go nuts digesting every move and trade accordingly to every headline or you can just decide to let the big banker boys hammer it out between themselves and go on with trading the retail way. We prefer to live a simple 'trade' and just continue to be selective in stock picking and following our methodology, which included what and how we would handle the stocks from yesterday. Hey, if we can't follow our own techniques, how could we expect you to?. The open today provided an excellent opportunity to take some profits on yesterdays trades and not necessarily wait for any weakening in the market or the stock itself before exiting...
CYNO, popping to 30.50 by 10:30am and then following the market is a prime example of what we discussed last night. Take your points in this type of market. There was a potential of up to 3pts since yesterdays note on it. Not a bad days work for a stock in the $20's.
VIP, same idea here as the stock ran past $99 early. Again not bad from a possible $96 entry yesterday. We are not carrying many positions since the market turmoil and it is easy to swing these moves into a quick profit of a few points. We don't want more than a few here and there until we can step it up in the coming weeks of fresh earning meat.
MFW, same story except this one we ended up buying back and is the only one of these 3 that we kept overnight. We're not shy about selling out and then coming back for a second date. It's not a mistake to sell a gap up or selling when the markets starts to blow south. Its just capital preservation.
ACAD, is the other we are holding overnight. It held on to its gains today as the market headed lower. It never twitched and then got some volume and what turned out to be a nice close.
GRZ, we really don't want to Journal speculative trades like this, but it's acting right and if wasn't Gold or Canadian;) , we'd probably really like it and talk about how well it's trading. Again...just funny money or something on the side you can say.
Speaking of something on the side....we will probably be hypnotized by the DNDN action tomorrow on level 2 as with LEND recently. So, we'll most likely take a position with some funny money as in a $2 ticket at the races. Its all about being at the show, like the Kentucky Derby and not about winning. This is the fun of trading, you could really make some money but you must be prepared for every other possibility. This won't be a one day trade, so once in it's probably better to stick through the jumpy action.