Monday November 26Th, 2007
I hope everyone is doing well and ripping money off of wall street but I am not doing too well. Actually I am because zero is better then anything negative. No trades today because I couldn't trade in the morning and turned on my PC around 1:00 PM est and saw a great charting indicator in the making.
As you can see above, I expected a double bottom and then a move up and since there were no news effecting the market this decline was very unexpected. Although, as I looked at the charts and thought about how I would've been trading had I been someone new to the trading game.. I realized that today would've been one of those days where the newbies make money.
The reason I didn't trade was because my trading method didn't give out any signals for me to enter except one around 14:55 to enter for a short but since there were only five minutes left I stayed away and it fell down for another $150+ move with one contract. Also, the move down was not triggered by any major news or any economic report so I didn't expect it to last but being wrong in the market is very healthy at times. ;)
Again, today has been tempting yet intimidating!
Equities extend their late-day sell-off as the major indices hit fresh session lows. No particular news item triggered the selling and bonds continue to rally in a flight to quality. The S&P 500 is now trading slightly below the unchanged mark for the year.
The latest selling pressure has been widespread, but once again the financial sector (-3.5%) is leading the way, giving up all of its advance on Friday and then some. Financials are the worst performing sector year-to-date, with consumer discretionary coming in second.
Tomorrow, the Conference Board will release the November Consumer Confidence reading at 10:00 ET. Economists expect the number to come in at 91.5"
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