pardon my charts today….the asseaters over at quotetracker that i do my trading platform and charting from are playing games with me. after 5 emails to them today some jerk named pierre replied back in sometype of advanced sputnik that even my considerable brain could not decipher. damn the french…i swear if your not into buttery foods and hairy armpits you cant even conversate with a frenchmen like a gentlemen. its like they’ve forgotten about that whole WW2 thing. so ill be taking screenshots off my telechart program since worden is so oldschool they dont even let u right click a chart and save it to your desktop.. real winners i choose for my vendors!
well following another gap down amid some not so hot news about economic growth in Japan amongst other tings we spent the rest of the day nibbling our way back. Neither bulls or bears were prepared to lay any “sak” on the line and lay claim. There was some decent action in smallcaps and a lot of china smallcaps continue to blow out earnings. Given how far theyve fallen its no surprise to see them squeeze 20-30%. Still i wouldnt call today even a respectable attempt at a bounce.
Right now money can be made but without clear trend its a scalpers market. If you try to swing you will just end up eating your own brain as holding multiday swings is nearly impossible. We are overall in a rangebound market. loading stocks and playing the 10-14 point ranges on the $spy has been the way to go. I am noticing a lack of urgency in the selling which prob gives us a bounce in a day or 2. Stocks with nice earnigns beats are still strong even after their initial pullback we are seeing 2nd and 3rd thrusts. Judging by the breadth of the market we might be getting a split market here were there are a good number of strong stocks making highs that matches weak stocks making lows.
Maybe im a lunatic but things dont seem too bad out there..at least for a couple days trade. With oversold market, this Hindenburg stuff, options experation, and overall bearish setinment give me a sense that we mgiht have a lil squeeze here. there is still money to be made out there..everyday im seeing some decent setups and plays that can still give you a little boooom in the accounts. $locm was one today that popped up. Lot of stocks are still squeezing. I wouldnt be surprised if a stock like $coco launches tomorrow. and still ton of good breakout setups popping up. Im at about 50% cash and will deploy a few longs in the next day or 2 for possible bounce. If we dont…then we are bear flagging in a serious way and get prepared for a september that will be MDK (murder death kill) for all participants