Well I was part right - not really a booming day but not too bad. I made back some losses and got rid of a couple of albatrosses including GLW and SYMC. I dumped GLW because it was behaving like a stock that was going to go into earnings and give up another 4 or 5% and I was already down a half. It might not but I'm not taking that chance. SYMC faded off during the afternoon and given the upward trajectory of the NASDAQ it just didn't feel right either. I'll trade them again some day just not over this weekend.
I bought MOT from a day trade pattern that you've seen in these pages often enough (return to the 8) and I thought I might hold it over the weekend but I've decided that I don't want to hold stocks for long periods of time any longer. So I sold it mid-day for a profit. Imagine that - actually selling a stock for a profit. I dumped RX for a break even less commission which is still a loss. Fortunately what I made in MOT more than made up for it. Right now I'm holding a small portion of both CRVL and Sprint (S). Both of those are going to the dump on Monday and I'll be back to day trading exclusively.
In order to swing trade successfully you need to start from a depressed market (a dip) and play from there. Everything is just too oversold right now and earnings will be killing us for another couple of weeks so I'm going to go back to chart watching.
Monday isn't looking too good for an up day although I expect the rest of the week to be OK. The up/down ratio is at 58% and the new 20-day high/low ratio is 65%. The VIX has once more dropped into the 5-10% below region. However, only the SPY and IWM printed red candles in the last hour of trading. The DIA and GS bth printed strong white candles and the Q's printed a white candle but it could be called a Doji (indecision). In other words we have mixed signals but the indicators are suggesting down so I'm calling Monday a bear day.
The magic coin calls Monday ... Heads - bull is coming.
I think today should be considered an up day because two of the three major indices and IWM all went up. That makes the score Marlyn 4 - 4 and 1 and the coin is 3 - 5 and 1. Take that magic coin, take that!
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3 comments:
Hi!
As you know, I am long CRVL. Does this have any influence on your decision for Monday?
And, of course, you do not have to share your strategies or thoughts.
I am just curious.
Thanks.
If the market turns and goes up next week CRVL will probably be a good one to hold on to and I may even add to my positon. But if we continue to have the chop chop chop I will probably sell it for a profit. It is much too volatile for my tastes and I'd rather day trade volatility than hold it.
Thanks for the link.
The best friday wrap up.
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