Thursday, October 22, 2009

Scans and emotional

First off, yesterday was a bad trading day for me. I broke recent rules, got quite emotional over Apple and might take a hit from it. One bad trade begat some others, mainly just taking profits earlier than planned. This am of course I look like a genius, maybe it was intuition. No joke, I sold out of all trading positions minutes before the fall yesterday except for that falling fruit. I still believe in the trade, blue sky breakout ala Jesse.

I have done much more work on looking at scans. I try to follow high volume moves up, more of these are failing than working out. I look for them to consolidate after big move and then resume the move, that is what is failing. Tough to put that to a statistical advantage without short selling. Speaking of this, RODM looks like just such a sell but volume patterns dont quite say it yet. Stock wise, I continue to follow JASO for a move, has NEW leaders, I see it is in a 4th low volume pullback, each of the previous 3 were tradeable. Long I am watching ASIA TSRA PLD ARST SGMO EXXI.

ETFs. I have been looking at these as low volatility plays, not gonna easily lose 20% in a fast move. Also considering them in turtle sense, a way to play commodity and sector moves, buy new 4 week high, sell at 2 week low. Recent highs that seem to be holding recent breakouts are JJC USO DBC UGA VEU EWH EWS KOL SLX IAI MXI (which has been volatile of late). If market pulls back, tough to get them here, but they seem to bounce well off of shorter term averages. Market panics have been short term of late, so they might present with good buy in this am after first hour.

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