Wednesday, August 22, 2007

Virtual Office, $313. Dow, +147.14, 13238.00

Evolution, $459 on 24,900 shares traded.
Me, $108 on 12,800 shares traded.
HPT, $100 on 74 contracts traded.
Misstrade, $0 on 600 shares traded.
Bubs, no trades... becoming a suburbanite.

Denarii, -$42 on 1000 shares traded.
OBAT, -$312 on 17,200 shares traded.

Well I guess anyone can look at the Dow and think the witch is dead and all that but they'd be forgetting something really important about witches. Witches eat children.

And that's important, because if children are the future then this market is in trouble.

I mean, yeah, we've bounced from the "bottom" but on really low volume. I think the price action is great, especially in the metal stocks, but I wouldn't be out there buying this "rally" with both hands just yet. But that's me. I'm just a daytrader and therefore I suffer from chronic myopia.

However, I have to say the late-day rallies are encouraging.

2 comments:

High Probability Trader said...

The market didn't do anything today, it just gapped higher and went sideways all day, it's gonna suck if the market starts trading like this again.

Dinosaur Trader said...

HPT,

Agree. However, I don't think that'll be the case. People are buying now because they think a rate cut is a sealed deal. Perhaps it is, however, that means when (if) they do cut that the market will probably sell off or not really react. That will freak people out and then I think we'll sell off again.

But who knows? I'm trying not to believe in any one "story" about the market and just watching how it trades.

-DT