This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
So I didn’t! Thanks for the comment yesterday, Richard. :)
I almost traded today, however. I passed on a setup in Laboratory Corp. of America (NYSE: LH). I was ready to short a break of the low of the 9th bar:
It looked good in many ways, about a “B”, but the tape was freaking me out, so I passed. If I had taken it, I would have been right, and I could have made 1R+ conservatively, but I saw this kind of action on the time and sales:
Trades were going through way outside of the bid/ask spread. At first, I thought that this was some crazy market manipulation or a system glitch, but it was probably just the NYSE data gremlins that have been showing up since Tuesday. It didn’t look like these things actually happened on other charts of LH I saw today…
Again, it just goes to show that daytrading is only as risky as you make it!
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| LH |  |  |  |
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
March 1st, 2007 at 5:41 pm
If you looked at the exchange for the out-of-band ticks, I bet they came from NASD or somewhere. There’s been some sort of delay the last couple days messing up a lot of NYSE stocks. To counteract this, I’ve been watching just the nyse ticks, which I get by adding ‘.N’ to the symbol. Be aware that the reported volume is not the “real” total volume, when you are looking at stocks this way.
March 1st, 2007 at 6:46 pm
That didn’t work for me. I’ll have to see how TD Ameritrade does it…