6/25/09 Day Trading
Thirsty Thursday! As is typical we had a slow day today after some great ones. The major indicies did end up over 2% but it was on a small gap down and drift up the rest of the day.
The day opened with very low volume across the board. The market appeared to be breaking down but the V bottom reared it’s ungly head again at about 9:40AM. For the rest of the day the market basically drifted up and appeared to be pushed higher every time it looked toppy and about to pull back. This will only reinforce rumors of the market being artificially proped up.
The good news is that we stayed safe. We look for momentum and advise staying away from drift. We want every trade we enter to be in the green immediately. If the conditions do not offer that then we HUB (hands under butt, no trading). Many of our traders ended the day with only 2 or 3 trades and small profits. Others simply sat out or took the entire afternoon off.
We expect a slow day tomorrow as well going into the weekend with a bit of a hangover from all the news. But if the market gives us a trend we will be here to take advantage.
Time for a drink…