Thursday, March 29, 2007

Nice afternoon rally, but volume lower

You were able to draw a nice trendline on the futures today. The market basically sold off from the highs of the morning and bounced along this line until it broke it after 2pm today. After that, the market didn't look back, it just rallied. The only problem I have with the market from a short-term bullish perspective is that yesterday's sell-off was on higher volume than today's rally. As an IBD reader, that's not so great. Still, no one complains when the market is up 48 points... it's bad form.

I was able to catch a nice trade in CF because if you look at the two graphs, they are very similar. CF gapped up this morning and then trended down all day. Once the trend was broken, he rallied nicely. I had a decent amount of shares from 38.10 but sold a good chunk around 38.25 because I thought the trendline for the last 4 days or so would create problems. It didn't... so I sold out of a lot of shares "early". I'm not complaining though...

Daily stats:

P&L $560

Best: CF $450
Worst: ITG -$100

stocks traded: 18. 11 positive, 7 negative
total trades: 221

Tomorrow is the last day of the month. With my last 2 days of gains, I have a shot of NOT having my first negative month ever. It will take an excellent day. Still, I'm not going to do anything stupid. It would be nice to get to even, but I don't want to jeopardize the progress I have made or the confidence I'm slowly regaining.

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