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Monday, June 23, 2008

Stock market, stock trading, June 23, 2008

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Stock market, stock trading, June 23, 2008:

I have had some technical difficulties with my broker workstation and my computer. It has kept crashing. I have resolved some issues, but some are still not completely resolved. I could not post until now.

My main messages are:

1. The stock market is still "guilty" from long side until proven innocent. I would step on the side if I were bullish.

2. I took gains of a long side small position I kept from Friday. I then went short side, shortly after the open (around 9:33Am).

3. I plan to take profits when NDX reaches 1911 (if it goes).

4. I am watching carefully XLF (the financial EFT).


11:49AM: I am about to take profits on retest of lows. NDX is now at 1916 coming down from 1919. I may take my profits before 1911 if I judge that 1911 will not re-touched.


12:16PM with NDX at 1915 I covered my short position, and stepped to the side.

2;20PM: with NDX at 1932, I put back 1/2 of my normal size on short side.

Some of my main concerns on short side are

1. The dow has been sold hard, and if there is a rally it can bring the NDX with up. Up moves in bear market can be violent.

2. The gap from Thursday's close to Friday's open is a source of worry, and if there is a rally there can be an attempt to close that gap.

3. The Fed meeting. The market may adjust itself in order to have room to react to the Fed on either side. Therefore it may have to move up to allow for room to go down in case of negative reaction to the Fed meeting.

BUT: I am sticking to reading price actions using my tools. Judgement and opinion can be wrong. But I wanted to write some of my concerns on short side. Now I am going yo have a late lunch.

UPDATE: 3:3?PM with NDX at 1917, I just closed the latest short position. Profit 15 NDX points.

Happy trading,

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Happy trading,


Blogger WizeTrade said...

That was a pretty wizetrade. I thought about going long on NDX, but kept mine short-side also.

June 23, 2008 at 12:36 PM  

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