I had some nice, quick gains this morning thanks to some shorts but the gains slipped away as the Nasdaq strengthened during the day. It was real tempting to take the fast profits and walk away but I decided to try to let my winners run. Net result was that I just made back the small loss I had on Monday. (I hate that I missed that beautiful short in CERN this morning -- I was so close!) So for the week I'm up a whole $6.87! Happy Meal here I come...
The big winner for the day was AAPL with a 3.16R gain and the biggest loser was MSCC with a 1.06R loss. MSCC was especially disgusting because I was up almost 2R within 15 minutes. I had already entered a trailing stop to lock in a tiny gain but I pulled it when it was about to be hit. (Silly me!) Anyway, I'm feeling a lot better about only trading two days this week. At this rate I may as well watch DVDs all day.
Here are charts of the S&P and the Nasdaq. I know the headlines are talking about the new 4 and 1/2 year highs on the S&P 500 but I'm very under-impressed with the action these days. Maybe I'm just looking at the wrong stocks or something.
Mike,
I just wanted to let you know that your blog is one of my nightly reads. We have similar styles and I like your analysis. I would like to ask your permission to post a link on my blog to yours. Also, I wouldn't mind chatting with you one day about how you use cybertrader. I switched over to cyber a couple months ago and love it (can't beat per share pricing). My blog address is http(dot)//downtowntrader.blogspot.com. Thanks,
DT
I always find great value in the dollar menu on weeks like that. :-)Today was definately a tough one,to make trades happen.
Thanks DT. You don't need my permission to link to my site. Just let me know when you want to chat about Cyber. And thanks for letting e know about your blog. I've added it to my newsreader.
Hi Mike,
Just wanted to say how enjoyable your blog is to read!
The Happy Meal comment had me laughing, been there, eaten that!
Great trading to you!
Thanks Linda. :-) Great trading to you as well.
Mike,
I'm an active trader and was wanting to compare tax procedure with you. What's your process? Do you elect mark to market? My CPA stinks and am considering doing it myself or seeking out a new one.
Any input is appreciated. Thanks
Will