Tuesday, July 31, 2007

Virtual Office, $5726. Dow, -146.89, 13,211.42.

Me, $6147 on 99,600 shares traded.
Evolution, $390 on 52,000 shares traded.
Bubs, $102 on 600 shares traded.
Misstrade, no stock trades.
Denarii, -$199 on 18 contracts.
OBAT, -$714 on 8200 shares traded.

It was an interesting day in the stock market. I mean, stocks are moving all over the place like mad. Simply put, stocks haven't moved this well since last May.

It was also kind of funny if you were listening to CNBC. Bob Pisani was in "serious mode" and on a couple of instances warned viewers that "they are going to try to sell into this rally today folks"... which left me wondering what rally he was talking about.

Yes, we "bounced" yesterday, but as we discussed here the bounce came on light volume. Listen to Art Cashin, read the IBD... there is no "rally" to speak of right now. The "rally" died last week. It will now take a day of strong gains on excellent volume followed by at least one other day of strong gains on excellent volume before you can declare a new rally has begun.

Also funny is how not one market "expert" on CNBC today admitted to selling. One has to wonder who sold all day? Perhaps it was just a lack of "buyers" which is sometimes how they explain these sell-offs. Whatever. I'm pretty sure that the NYSE set a new volume record today.

Someone is selling and they are selling very, very hard.

p.s. I sold.... shhhh! Oh, and Clarence is back.


Bubs said...

Great day DT, looks like you do really well in these volatile markets.

Dinosaur Trader said...

Thanks Bubs. I always find it easier to trade when things move a lot...

Hope you enjoyed the Great Adventure!


Narrow Edge Trader said...

nice trading. let's hope we keep seeing those trending days.


Dinosaur Trader said...

Right on, Stewie!