* TODAY'S SUMMARY *
This whole week so far has been somewhat mixed, I was due for a bad day / slow day and looks like today was it. Compare the volume Monday/Tuesday/Today vs last week, anemic to say the least, even with the extreme volatility around the globe.
Monday was already slow, a gap ad flat the entire session, made it hard to find any decent trades, so stayed put for the most part.
Tuesday started off tough, flat open, not much direction on the index, decided to trade WAG on its weakness, it was not an easy trade off the bat, took nearly 3 hours to finally get out at a decent profit on both stock and options.
Today on the other hand was different, had about 8 stocks on watch but decided to give CREE a shot, the news was terrible, that we can all agree on, but the stock right around the open did not quite sink, it actually held a tad vs the index, as I always say, trade what you see not what you want to see, even with bad news I thought there could be a small pop we could take advantage of on the upside. Good thing we chose not to add to this position, rather we chose to set a stop loss on it at $45.05 from an entry point of $46.00 (giving the stock enough room), it did try to consolidate a bit unfortunately it would only sink and sink much lower, the stop loss although was almost a point away, it did save me two additional points to the downside. Scratched that one off as a loss and moved on to NOG which down due to insider selling and other factors unclear at the moment (they will come to surface soon enough), gave it a shot on its weakness unfortunately ended up taking a stop loss on it as well before it corrected a bit back over $26.70, was already out so was unable to participate on that upside, some were still in and for that congrats.
When I say trade what you see not what you want to see, I mean it by every sense of the word, look at the eco data this entire week, none of it positive, regardless how you want to twist today's housing numbers, they were horrendous. The market faked a sell off twice before doing what ? Rallying...who woulda thunk, well, not me. Could not get myself to jump long on something that I could not quite make much sense out of, so took my bad trades and called it a day.
We have been on a rip lately, a slowdown was around the corner, its out of the way so we can now focus on moving forward again. Bad days / slow days are part of trading, we try to limit them as much as possible, today being my 4th slow/bad day for the year. I know there will be more, the plan is to limit them.
If I cannot find anything to trade tomorrow or if the market remains flat post eco data at 8:30AM, I won't force any trades, if that means ending the week break even or at a red, then that's the way it will be. When unsure, sit on hands until a strong setup takes place.
Looking forward to a good day tomorrow, all eyes on the futures again...
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