Tuesday, March 3, 2009
It's funny when the market gaps up in the morning. You wonder while you glance at a green reading for the futures, "What are they doing up there?"
Simply put, what could possibly drive this market higher right now?
Unfortunately, it doesn't appear that we can expect any economic news or earnings to drive prices higher. So what do we need? Lower prices. And hopefully those lower prices will bring in buyers again to put a floor in this market.
I'm starting to get a very non-technical, non-scientific feeling that we're due for a nice disaster day soon, that will bottom us out for awhile. Today I put some bids in my long term account starting at $68 in the SPY. We will see.
The RO had an average day. But amidst the mediocrity, there are some standouts. "Trader A" has been on a tear. It's always nice to see a trader catch fire. Sometimes, that helps pull everyone else up. Also, "Trader &" has been doing very well, and he's new. That too is hopeful.
New blood can wake the old complacent traders out of their slumbers...
Anyway, out of 28 traders today, 17 were gross positive, or 61%. 8 traders made over $1,000 gross and 4 traders lost over $1,000 gross. I was #13 of 28. Green and happy because I made some mistakes early and I had to fight back.
"Lucky Pierre" - Trader A, $25,464 on 140k shares traded.
2. Trader T, $4,138 on 7,200 shares traded.
3. Trader N, $2,492 on 32,400 shares traded.
4. Trader &, $2,282 on 17,200 shares traded.
5. Trader L, $2,005 on 61,000 shares traded.
"Chambermaid" - Trader C, -$7,078 on 277k shares traded.
2. Trader Z, -$4,926 on 158k shares traded.
3. Trader H*, -$4,883 on 24,500 shares traded.
4. Trader E, -$1,139 on 75,500 shares traded.
5. Trader B, -$778 on 652k shares traded.
As always, head over to Alphatrends for your daily technical analysis. And also be sure to click this link and check out this chart comparing 1929 and our current decline. The chart plots "calendar days from the top" on the X axis and "percent from top" on the Y axis... very interesting.