The RO Report, "Support Broken" Edition
All morning long, the guys in the RO were remarking about how light the volume was. Once the afternoon rolled around however, volume picked up and the market got more used than a greased gerbil in a gay bar.
Support was broken on the SPY, on the QQQQ and financial stocks just shit themselves.
It makes me question this recent rally. If the market were healthier, support would have held today. It's very possible that we rip over those levels again tomorrow, but it doesn't speak well for the strength of any future rally when good support doesn't hold.
Anyway, the RO doesn't care about the health of the market. They just care about the health of their accounts... and their accounts inflated nicely today.
Out of 26 traders today, 19 finished gross positive, or 73%. 13 traders finished up over $1,000 gross and 2 lost over $1,000 gross. It was a solid day. I was #15 of 26, or grossly underperforming... however, in my defense, by 3pm I was watching Mary Poppins and wearing a glitter crown while my daughter cut me paper hearts.
"Lucky Pierre" - Trader C, $40,841 on 237k shares traded.
2. Trader Z, $21,401 on 119k shares traded.
3. Trader B, $21,037 on 585k shares traded.
4. Trader P, $18,430 on 140k shares traded.
5. Trader N, $16,054 on 207k shares traded.
"Chambermaid" - Trader A, -$6,865 on 56,800 shares traded.
2. Trader 9*, -$4,244 on 400 shares traded.
3. Trader 6*, -$899 on 0 shares traded.
4. Trader 7, -$119 on 32,000 shares traded.
5. Trader X, -$67 on 1,000 shares traded.
7 comments:
you know, kids are the fucking the best. that glitter crown was probably a ton of fun. there is always tomorrow...
(though today I'm glad gizmo was at her grandmothers...)
more fun tomorrow DT, play classic lives!!!!
Indeed. Alive and well.
Nice job, scum.
-DT
DT,
I've been following this guys work for years and think he's really good. I thought some of your readers might want to take a look. He updates his blogs weekly and it takes a little time to understand his theory. He nailed this bull market perfectly and is still very bearish. All that being said, he is a bit of kook. For some reason though, his ideas help me grasp the bigger picture which has helped me tons this year. www.ttheory.com Good luck -Gd
Thanks, man. I'll check it out. Always like to hear about a good blog.
-DT
I'm already intrigued by that website, wtf is a T...
Jd,
Quick summary....I found out about this dude while reading a book called Pit Bull by Martin Schwartz about 7 years ago. Book was a decent read. Anyway, the author made mention of Terry Laundry and his T Theory several times throughout the book. I looked into the theory, and it made sense to me. To really "dumb it down", the theory says that a market can only make a strong run as long as it has previously "rested". So its a theory based on time. The "T" comes from a T which is drawn at a fixed point on the chart and can be viewed as a "mirror" of the past to speculate on the future. Sounds like a bunch of bumbo jumbo bullshit I'm sure. It actually took me a couple of years to grasp the concept. Here's a link where Terry explains things in more detail: http://www.ttheoryfoundation.org/files/a1997introttheory_.pdf
Like I said to DT, he's a bit kooky, but I think this shit works very well. Incidentally, this is the most bearish I've seen him since following his shit. He calls for Dow 4500 which is just insane...or is it???
LOL @ gerbiling...poor gerbils. I wouldn't even wish such things on Ducati.
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