Well I’m finally able to access my site again from my PC. It seemed like the whole world could access the site today except for me from my PCs. Turns out that was exactly the case. My hosting firm had this to say:
it looks like your IP was blocked for too many ftp login failures.
That’s a first for me… seem like it’s always something, especially when Mercury is in retrograde.. I wonder which of these things apply to me:
In general, Mercury rules thinking and perception, processing and disseminating information and all means of communication, commerce, education and transportation. By extension, Mercury rules people who work in these areas, especially people who work with their minds or their wits: writers and orators, commentators and critics, gossips and spin doctors, teachers, travellers, tricksters and thieves. (Ed: All traders are theives, trying to steal money out of other people’s wallets)
Mercury retrograde gives rise to personal misunderstandings; flawed, disrupted, or delayed communications, negotiations and trade; glitches and breakdowns with phones, computers, cars, buses, and trains. And all of these problems usually arise because some crucial piece of information, or component, has gone astray, or awry.
Not that I actually believe in this stuff but this isn’t the first time I’ve have issues while Mercury was in retrograde. Then again, I seem to have internet issue all the time -sigh- Anyway, on to the market…
There was a little something for everyone today, even the bears if they were quick. The opening gap up got faded pretty hard for the first hour of the day. Then, almost exactly at 10:30 the market turned on a dime and never looked back. A surge of buying came around 2:30 and sent the indices to new highs. Like I said yesterday, it’s hard to argue with new highs. The volume was even better today so that takes away my one thing to complain about. Still, for intermediate term trades I don’t like the idea of putting new money to work right here with the indices above their upper Bollinger Bands.
So did anybody catch a pice of this nutty eFuture Information Technology Inc. (EFUT) run? Does anybody have any clue why it’s been on fire? Duru just asked me if I knew the news behind the move. My response was “China and a low float… what else does it need?”.
Here are the Nasdaq and S&P 500 charts:
I mentioned the SOX bumping against its 200-day moving average yesterday… it popped above it today.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
EFUT, mentioned on Kirk’s report, gave me a wild ride today, my first time. I took it in small chucks and just kept buying and selling as it rode around (no shorts available). If this is speculation, bring on some more. Happy pockets tonight.
I’m glad you got a piece (pieces) of it. It’s also been on my gappers list the last few days.
EFUT…Yesterday, I missed it in the afternoon…today I was whus and stayed away…rookies need not mess with such big league plays…
Ah. Chinese company and a low float. That is indeed all we need. But I didn’t even know that much! :”> Anyway, I forgot to mention yesterday that certain semi stocks were making full court presses against their upper-BBs, boding well for a SOX pop. I found LRCX, NVLS, and ATMI. Even AMAT was looking good.
First, some comments about your blog. Although I am not a day trader I love your market analysis. I wish though that I could read the comments of other readers on my Opera browser. I thought I used to be able to, but not today. I can read them in IE.
It is interesting that you don’t “believe” in astrology, although you have noted some seemly unexplained coincidences in your life. I have been practicing general astrology for 34 years, and have been studying financial astrology for the last 3 or 4 years. The latter is very difficult (although incredibly useful) and consider myself to be a beginner. Maybe I will say some more about it in future comments. (Mercury will go direct late this Friday. When retrograde Mercury makes it harder to do technical analysis accurately. When it goes direct again, the market frequently decides it is ready for a change in direction too.)
I few notes about the markets. Today the $VIX reached its lowest intraday level and close since December of 2005. The DJIA, which is the only major U.S. index to be reaching all-time highs, is looking very weak. Its OBV and Money Flow are not reaching highs with the Index. Perhaps they will the next few days.
Michael,
EFUT this morning is responsible for the greatest case of ambivalence I’ve ever had in relation to my trading. I caught the 0944 EST break of 36.46 perfectly, gained $2/share in 5 minutes, then went chicken-shit and sold on the “long” 8-minute sideways range thereafter. Felt good about the quick gain until it headed on up to $47 over the ensuing 15 minutes. I had to leave and go to the “regular” job, just got home, and when I think back to this morning, I feel elated for a moment, then start sobbing uncontrollably.
Two things Gary — 1) I’m in complete denial about my belief in astrology. 2) There are no coincidences :d
Will, No need to sob… you can’t catch them all. Next time though, take a partial profit and use a trailing stop on the remaining shares.
Thanks Michael. I weaned myself largely down to 15 and 30min bars, with an occasional 5, but I never ever trade on the open with 1′s, until that one. You know how they say time seems to drag when you switch to longer bars, well this was like everything was in fast-forward… I’d start entering an order and the price had already moved 50 cents, so I’d start over. Major nerves.
On all my “normal” trades I do exactly as you suggest, just got overwhelmed on this one. Come to think of it, that probably means getting out w/ any gain while my hands were trembling was fortunate
Thanks again.