Evening folks. Nasty day in the markets with all indexes closing near lows with 2-3% losses across the board. REally the only place to hide for those wanting to go long were in gold or gold stocks. GLD closed at alltime highs today. This is treacherous market and unless you very shortime frames its best to just sit and watch. Often these days are great to make a wishlist of stocks you’d like to own for when the time does come to bounce. The selling in the afternoon was relentless making it pretty difficult to go long only a select few stocks like $jamn $skh $sunh were running. Except for a couple small scalps i couldnt nail anything after lunch. But we had an incredible morning selling off our position in REDF, SCEI, JVA, CBOU, AKRX, VRNG, DQ all for 5-10% gains (hat tip to @szaman and @mb_willoughby) they were locked in all morning with the alerts in vrng,dq,jva. its always great in testy times to have other great traders trading side by side with you. I did make some silly trades in qpsa and abat that i got stopped out of quickly when i though the market was gonna make a run but thats part of the game. There will always be losses but as long as you can keep them under 10% its no big deal.
my watchlist is pretty short. I got a list of gold stocks that could be good for daytrades tomorrow also. Gold probably a bit too extended for me to want to swing any.
forgot to add skh and sunh also to the watchlist but i got them both on alert for tomorrow