Wednesday, August 28, 2013

Rough day for me

I got robbed yesterday !! Actually, I wouldn't say that   >>> I just traded poorly. I took three trades and every one of them were losers. I had no patience for anything that went against me. The trades I took were small so It wasn't a total disaster but in retrospect, I shouldn't have taken any of them with the market being in the state it is in.
 We have dropped back below the 50 day and with all the negative news flow on Syria, the debt ceiling, uncertainty about the fed, interest rates and earnings season behind us there should be no reason to jump into anything unless its a perfect setup.
I do believe the markets are going lower and I actually love when the market corrects because it resets the base and gives us opportunity to pick up some good stocks on sale. A good correction will put all kinds of stuff on sale so get your shopping lists ready but don't be to eager to buy anything until the market itself establishes an new uptrend. Right now we are in correction mode and we have the two worst months in the market form a historical perspective in front of us.
There will still be bounces in the market that we can play. However, as I have been saying for the last couple weeks, reduce you position sizes,  limit and or eliminate all swings for now, build cash and be quick with your trades book profit quick when its there and cut losses quickly keeping them small.

                          Get your shopping list together and chill while things work themselves out
JUST CHILLIN
   Stocks on the move and others that caught my eye  

$ASTX pr  $HALO SA article, $SWSH dolla holla on pr ? , $ARAY earnings last night, $KEQU earnings very thin be careful, $ZLC earnings,

OIL and oil services names could be in play 
GOLD and SILVER names still look strong

Seeking Alpha

Today's Markets:
In Asia, Japan -1.5% to 13338. Hong Kong -1.6% to 21525. China -0.1%to 2101. India +0.2% to 17996.
In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.9%.
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.9%to $109.96. Gold +0.35% to $1425.20.
Notable earnings before today's open: AMAPBF.BCHSEXPRFRO,JOYZLC
Notable earnings after today's close: GAMEGESTFMWSM
Good luck trading today !!

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