I honestly thought the market would drift higher after Monday's sell off but believed that folks would be squaring positions before Thursday. We had a better than expected durable goods report which served to goose the markets. On top of that, housing reports are looking the brightest they've been since 2008 which is fueling the short term optimisim.
We think there is a top forming on the USD index chart that could be very fast in heading lower. It's coming into a massive area of resistance with an overhead Fibonacci Retracement level as well as the 50 Day Moving Average. The topping process should take a couple days, but this currency is way over-bought at this point.
The shorter hold times have served well the last few weeks. I didn't have time to update my position page yesterday, as I was in and out many times throughout the day. The only items traded are the same I've mentioned repeatedly...
The impending "deal" (some deal!) in Washington is providing decent day trade opportunities, without the overnight headline risk. I'll continue to trade the most liquid vehicles...
Readers know I haven't been comfortable being long stocks for over a year. That said, I've managed to make money being long equities the last few days. It's important to note that success has nothing to do with what I traded, but how I traded...
Stocks are getting smashed again this morning. After reviewing my recent trades, I am comfortable that I executed properly and according to my system. However, I do have one regret. The one theme I have believed in most (lower equities) has been working...
Trading has been very challenging. I wrote a week or two ago, that when long term trends start to change, my results are their worst. This time has been no different, as I'm experiencing the worst streak of 2008 for me. The bottom line is that stops...
Americans and their creditors should be irate once the "facts" come out on FNM and FRE. Just weeks ago the CEO's assured the markets they were adequately capitalized, now they are being forced against their wishes to hand over the keys...
After being one of the first websites/blogs to spot the FNM/FRE takeover by Uncle Sam here, I've decided to let others write about the bailout specifics. Suffice it to say, this is nothing more than an attempt to get investors...
