Market Wrap 11/1/2011 | Bulls on Wall Street

Market Wrap 11/1/2011

 

Fear of last years euro-deal blowing up sent the markets in a tailspin with a big nearly 3% gap down on the s&p. Today was one big giant circle jerk…fitting as the greeks invented such customs.  We had news driven session with rumors galore throwing the market in both directions intraday to only close near lows.  Good news we successfully tested and held the 20 day moving average. Bad news we tested that area so many times today it sure looked like it wanted to breakdown.  Yesterday we could say that we had some overbought conditions a pullback is necessary today we had follow through which makes it more then just a pullback from extended conditions.    Its not gonna get any easier as we have a Fed press confernce, more euro news, and a prelim jobs data on its way.  Tomorrow expect at least 2-3 big whipsaws.  Anytime the fed speaks we usually get an initial reaction then a trap and go the other way.  If you dont have money to lose a good day to go do some daydrinking and have some fun. BREADTH stunk today in ways that it didnt stink yesterday always keep an eye on breakouts vs breakdowns, 4% breakouts etc.  today those numbers were more then 2x as bad as yesterday.    Im taking it a bit easy on the swings seeing if we can stabilize somewhere between here and spx 1200.   Trade tight the next few days going in 1/2 positions on things might mitigate some of the risk as there will be a lot of whipsaws and we have a jobs number on friday.

My trading today was a bit all over the place…  like a complete jackass I held some positions overnight  and had to take a

9% LOSS on sqns (stupid trade as it closed on its lows yesterday)

7% loss on 1/2 position of P

and held 1/4 of REDF position overnight instead of unloading in the 11s like any normal human being would have done..

that started me off in the hole big time for the day………………..

 

but as usual i made a roaring comeback and then some riding an  big squeeze zone play in sify & redf late day for 10% gains along with some good daytrades/scalps  in RDN, mtg, akrx.  One thing you  got to do in these type of days is really learn to sell quicker..  I stopped out off my last partial positons in mtg and rdn flat as i got greedy and wanted to go for the homerun and the market when its dipping 300 points is just not going to let you hold onto big gains.  You really got to stick and move and take those 4-5% pops and be happy with it.  check the intraday chart of the spx you really had to be nimble as it was in a range all day after its gap.

 

 

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