Monday, October 30, 2006

Monday Wraps It

Left out the "Sh" in the title - you figure out where it goes. Lost 187 bucks today because I took some dumbass trades. First I managed to dump ISIL which I was holding from Friday for a small profit. Then I grabbed onto some ERS because I figured it was going up - it didn't it went down and I lost about 400 on the exchange because I was too dumb to either hold it or get rid of it sooner. If I had held it I would have made a couple of beans - eventually. But I panicked - so much for disciplined trading. Then I picked up some SAI - based on you ask - nothing says I except I thought it was going up. It did and I didn't sell it so now I am holding it over night. I expect a big day tomorrow - end of month markup and a gap up first thing in the morning - at which point I will sell it. If no gap up then I will probably hold it.

Then I bought some VRSN - this time off a hammer formation with a confirmation - look at the 12:30 candle and the 1 P.M. candle - that's where I bought it - I sold at the 2:45 candle.

Along the way I also bought RIO on a hammer formation but this one failed and I sold it at a 2 cent loss. Almost a break even trade.

All in all what an absolute crap day - 5 stocks 2 wins, one even, one loss (big one) and a holder. Hopefully the holder, SAI, will bounce enough tomorrow to get me even with the board.

In the midst of all of this crap trading I missed AMR and CTXS both of which set up nicely right out of the box and would have provided a healthy return. Oh me oh my - that's what happens when you start looking around for something new. You never know what you got till it's gone - you take paradise ... oh never mind.

For tomorrow I envision an up day - the up/down ratio remains in neutral (45%) and the VIX is also neutral. Two of the three sisters finished in the red but barely and the Q's finished strong. The 20 day new highs added a 100 but the lows only dropped 14. These are all good things for an up day tomorrow - at least tomorrow morning which is all I really care about.

I'm going to leave the coin with 24 and 12 since today was mixed and there is no way the coin can land on the edge - for tomorrow - heads - bull run coming.

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