The stocks I was watching acted kind of disappointing today. They kinda ran up and did nothing. Here are two examples…. C. H. Robinson Worldwide Inc (Nasdaq: CHRW):
… and T. Row Price (Nasdaq: TROW):
I was very close to biting on Pacific Sunwear (Nasdaq: PSUN) on the break of 21, but I waited long enough to see that it went to 21.01 and turned around. I should have shorted it…
My One Trade
Even seeing that new highs weren’t on the menu for my stocks, Crocs Inc (Nasdaq: CROX) painted a pretty picture just under 45. I thought it had good chances of popping through, after the enthusiastic vertical move it had made an hour before. So, I scalped the move: in at 45.00, out at 45.15. The 10-minute chart below makes me look like a genius, since it promptly fell down a few seconds later. Again, I ask myself why I didn’t short it…
… but I’m happy to take a 0.5R gain on the first trading day of the year. Always nice to start in the green!
Victory for the News Traders
Just now, the FOMC minutes came out, and the markets made a dramatic move. I had stopped trading for the day, and didn’t even see the initial drop since I was writing this post. I don’t know what they said, but Mr. Market sure didn’t seem to like it! This must be a good day for news-based traders! (I hope everyone with long positions had good stops in place!)
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| CHRW |  |  |  |
| TROW | | | |
| PSUN | | | |
| CROX | | | |
January 3rd, 2007 at 6:31 pm
Glad you were green, Richard!
The Fed said that they are still watching inflation pressures, and that they are worried about the housing market. It kind of killed the hopes of a rate cut in the near future. The market turned on a dime at 2:00 ET. Crazy!
January 3rd, 2007 at 10:36 pm
I guess I don’t know enough about finance/economics. The excerpt I saw from briefing.com didn’t sound very alarming, but I guess if the markets had priced in a rate cut, then a correction was inevitable. I wonder what the bond markets did?
January 3rd, 2007 at 10:57 pm
[...] Hello, 2007 [...]