With futures going through the roof, "good" news popping up all over the place, and an AH trading session the likes of which we haven't seen in a long, long time, one could be transfixed into long positions before thinking things out. Remember, there is a ton of bagholders out there and they're gonna want to bail somewhere along the line. Also, gaps tend to fill, so don't be surprised to see yesterday's closing prices re-visited...might even be some good short opportunities once the open peaks. Could be, too, that we'll see some hod prices during pre-trade! Personally, I plan to take some profits during pre-trade...look for some shorts sometime after 10:00 (sticking to my rule of not entering any trades between 9:30-10:00)...and look for some long entries when some gaps begin to fill.Use your heads, folks. Lock limit up futures do not necessarily mean a whole day of nothing but uppy.Sandy
Sandy"hod prices" What is that?You sure know how to bring someone back to earth, thanks!Jean
"hod prices" What is that?hod = high-of-the-daySandy
Awesome post Sandy!! FWIW, something I noticed yesterday...had my support set for 1935 on the naz....about 10 minutes or so prior to it approaching that level, higher than normal buying started to come in on the few stocks I was following...nothing I could put my finger on at first but in hindsite, I will try to use the same theory to see if there are gradually more sellers as the naz approaches the 2k mark, whatever goes on, I'll try and go with the flow.Just a thought.Gonna see if IBEM is alive for pre market too!:-)DT ONLY!
Great post, great reminder. I have, in the past, lost more money on days like this, than on wishy washy days. OO
Beware, perhaps, (I agree with SM)BUTBe Smart also...if you're agressive...there will be opportunities to take hold of...think both ways long and shortthis could be an awesome day of ups and downsjnk
Beware, perhaps, (I agree with SM)BUTBe Smart also...if you're agressive...there will be opportunities to take hold of...think both ways long and shortthis could be an awesome day of ups and downsjnk I agree--look both ways. There may be folks looking to get out but we've also been very oversold as of late and people just want to buy buy buy. I think today will pan out to the upside. I could be wrong. However, I do totally agree with Sandy--don't trade the first half hour--let things settle and see which way it breaks from there.Eric
also...if you don't feel comfortable trading or entering positions on a day like today...it is an excellent opportunitiy to Paper Trade and observe and take notes...there will be more days similar to this day in the near future...the more you can understand behavior (of the mkt and individual stocks) and the items that affect those movementsjust a thoughtjnk
I agree with you. I've been wondering, though, with billions of dollars having been siphoned out of the market in the past year or so, have a lot of really weathy investors already left?
...have a lot of really weathy investors already left?Naw...they're just waiting on the sidelines for a "sign".Sandy
Excellent post Sandy!
Another great post, this time by JNK! Good stuff and well worth reading!
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