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tap tap tap we tested the 200dma again. Not much going on today.. the market dicked around pretty much all day till another late day FT rumor spiked us into the close. These guys are really something anytime the market is chopping around or getting weak they come in with a 3pm article before any other news service. The intraday action the past 2 dAYS had been pretty crappy with end of day fAdes we were looking for a 3rd straight day of the same chop till FT saved the day. I myself wasnt too active today I gave back some good gains in NLST and bwen where i was up 5-10% on them aND Didnt take profits or scale out as i was going for the hoooomerun! Stupid mistake on choppy days better to sell things quicker those 30% hoemruns are a bit harder to come by. Just couldnt get anything moving They are out there but often because of pr’s. Also lost 11 cents on royl and 2 on Gluu. Chatroom was still hopping thanks to the sandman, mb_willoughby, bmanmicrocps, szaman they were all over the big breakouts in PKT, ONTY, lpr, etc. Good thing i got backup!
I suspect the market is gonna chop around till the big eu summit on the 9th. We will have rumors going both ways of big deals and non deals. We still need to take out this 200dma on the s&p and also our november swing highs to really get moving. till we get that or a solid pullback I’ll keep my overnights to just 3-4 positions and keep risk to a minimum.
sidenote: pr’s are still working great in this market. If you get a chart break like OWWW or RITT along with a pr that reads even somewhat well it will run hard. I caught ritt for 50 cents or so but owww i saw 1st thing premarket and tried to wait till the market opened to hit and then sat there kicking myself in the nuts the rest of the day as it ran past 4. On choppy days these are the best type of plays you can long them and then short them once they get too crazy.