- November 14th, 2012Boom Boom Stocks
Evening folks! Same ole deal in the markets today. We had some early morning strength that got very quickly reversed on opening gap reversal trade (again) with subsequent follow through taking us to lows we havent seen since mid summer. We now have a clean break and close under 200dma which should have act as a decent level of resistance should we develop an oversold bounce in the coming days. Besides volatility (vxx) $anf & $fb there werent many places to hide your money today. It was a shorters day. Breadth models are still showing quite a of deterioration but we havent seen heavy enough selling for sustained time to signal an exhaustion in selling which tends to tell me that we go lower and if we get a bounce absent significant breath thrust (buying pressure) that it will get faded quick. My trading was just ok..i hit pretty much all my trades but i was not nearly aggressive enough. This was one of those homerun days if you were aggressive there were some sharp moves in a lot of smallcaps like $meip $cali and some easy shorts all across the board that had follow through for most of the day. I just didnt trade enough.. tomorrow im going to pack some heat!
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