Best: HRT, $203
Worst: POT, -$113
8 stocks traded: 4 positive, 4 negative
Best: IPS, $192
Worst: MTW, $78
13 stocks traded: 6 positive, 7 negative
Best: RDN, $467
Worst: FED, $128
16 stocks traded: 7 positive, 9 negative
Overall, I'm pretty happy how this week turned out. Yes, I missed the huge rally on Wednesday, but as JC eloquently posted over at A Scalper's Tale, "If I were to constantly mull over missed moves or mull over how much potential profit I could have taken had I been there, I'd probably second-guess myself at every turn and on every decision I make..."
True, true, JC.
Anyway, I had 3 positive days in a row. I averted a huge disaster on Monday, took a couple of days to clear my head and finished the week pretty strong.
Next week will be a somewhat dramatic one for me because in my 8 years of trading I've never had a net-negative month. I'm currently down a few thousand dollars for the month. I will have to have a solid week to pull positive and keep my streak alive.
Have a great weekend. Thanks for reading.
Friday, March 23, 2007
Congratulations to Wallstrip.com for getting a mention last night on Fast Money and then again today on the Closing Bell!
Lots of speculation about what's going on between Lindsay and Dylan. Great interview though. I love her lead-in.
I was torn between posting a classic or a new song. I chose classic.
Anyway, this is one of the most famous music videos of all time. What does he say in the end? Endless discussion and speculation...
I personally think the dude is a trader and he says something like... you just wait, in 8 years, there will be this thing called the Hybrid Market. It will make your life difficult. Should you fail to adapt to it, you will lay here like me... forever.
Not to mention the fact that the lyrics of this song apply directly to trading disasters. "You do it to yourself, you do. And that's why it really hurts."
Nothing great, but I'll take it.
After the new housing stats came out, it looked like the mortgage stocks started to jump a bit. I noticed that both RDN and MTG (which trade together) were close to breaking a downtrend on my 5-minute graphs.
So, I bought when they started breaking the trendline and it worked.
I took profits a little "early" I guess, but this was right when the futures were spiking down so I don't feel too bad about it. In fact, I started thinking the stock was "overbought" so I threw in a short order near the top. I had less conviction on the short side though, so I put in an order that was only half as big as my initial long. I've tried to provide details on the graph, but I'm not sure if you'll be able to read my writing. If you click on the graph, the image expands.
I made close to $500 on the trade. All of my other trades today have basically cancelled out. So, I'm gonna take these profits and hold them until 2:30 or so. Then I'll take a fresh look and see if there's anything worth trading into the close.
I'll post the song of the week in a couple of hours.