Friday, November 17, 2006

Pre-Friday Market - Expiration Day Blues

Looks like a down day - at least until the first shares are sold at the open. Right now (08:30 A.M. EST) the FTSI-100 is red, futures are red and the NASDAQ pre-market indicator is red. I believe that probably suggests a down opening.

But this is expiration day so there is also a good possibility that around noon the market will be turning around and drifting up again - that's if it opens down in the first place.

I will play in my usual way - take a set of gap downs and gap ups at 10 A.M. then work them for an hour or so to see which way the wind is blowing and if I can find a trade - go for it. I try to get 20 of each and if my net catches too many I only take the top volume stocks. I know I'm probably missing some good opportunities but, hey, this is working and I have a simple rule - keep it simple, if something works don't fix it.

Anyway we'll see you later with a new original post that I will call "Candletricks" - watch for it - you will be amazed and astounded, or something.

No comments: