Thursday Mid-Day Update
by Tony on Oct.29, 2009, under The Gooch
Close of Trading Update: I executed another long trade around 106.50 on SPY, which resulted in a nice profit, however I did have to take 25 cents of heat before the ultimate breakout. I ended the day with about $600 of profits.
Does technical analysis work? You tell me after looking at the chart below. What do you see there? I saw some excellent breakout trades on the long side. Note, I made money shorting stocks the last few days but I was flexible enough to adjust my attitude and bank coin on the long side. I wasn’t as aggressive as I should have been but that’s OK. My mid-day profits are approx $450 (see below) and they would be at least double that amount if I wasn’t peeling off half my trade so quickly. It doesn’t matter why the market is going up- it could be controlled by short covering, real buying- it doesn’t matter cause offers are getting lifted. Many times, the most powerful moves higher are after several days of weakness. When so many people have sold the market, good news end up catapulting the market higher, creating an excellent opportunity to take advantage of shorts that may be trapped.
Closing Profits
Mid-Day Profits
Leave a Reply
You must be logged in to post a comment.
