Not a good day for me. I especially hate days like this, because people who don’t trade assume that obviously it was a great day for me based on the dow. It’s hard to explain to them that I can get seriously hurt while the markets rise. They usually walk away muttering about how I’m an idiot to be in this business!
As I mentioned in my previous post, I was watching to short stocks today, and of course most everything went straight up. Then, later, I was so sure some of the gainers would sell off, that I missed further afternoon gains while waiting for the drop that never hit.
As if to maximize my pain, I did go short Continental Airlines (NYSE: CAL) toward the end of the day, on a setup that is usually pretty decent (drop through the trough of an intraday double top), but it reversed and I took a small loss. But, it was small, and offset by a couple scalping-type plays on Ceradyne (Nasdaq: CRDN) I made during the day.
I’ll try to be better in synch with the markets tomorrow! I just wasn’t expecting all the buying, and even though I tried to adjust, I couldn’t shake the feeling that it wasn’t going to hold. Especially since all the media outlets were praising the “broad-based rally” early in the trading day. I still think the official explanations for today are pretty flimsy.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| CAL |  |  |  |
| CRDN | | | |
