{+++} The only short that triggered from last night was FSLR. The rest of our positions rallied back a bit and some had nice moves. Volatility is back big time and the game is on. The bulls are squeezing the shorts and the bulls feel empowered. Last week we took a 150 point pounding and today was a big day up. We wont fight the tape, but let’s be careful.
The market is myopic, has amnesia and complacency can be a killer. A day or two of craziness to the upside cures all ills, but there are problems in the world. Oil didn’t tank today, it pulled back a little. The day that Chavez becomes a negotiator and a peace keeper is the day I get nervous. The world (The Mideast) is still out of control and frankly I am trading small and trying to grab some day trades and some very short term swings.
I am fun at parties and and I am one of the most positive thinkers you will ever meet, but success of this blog and some traders is because I try to point out what “could” happen and to try and get you guys to be prepared for it, just in case. I admit I get quasi Apocalyptic on occasion, but that constant fear gives me an edge in my trading. The hype on TV is insane and it can make you think irrationally. This has been a tough market the last few weeks. Three wees ago for every five bullish chart, I saw one bearish chart. It’s now getting even, that doesn’t mean we correct although we really should as it would be healthy. The media seems disappointed and aghast at a down day, they should welcome a minor flush, so things can set up again.
No new names tonight as tomorrow is Friday (usually a chop day ) and we have the unemployment number. Hope you guys had a good day. Let’s monitor what we have for now. I took off OIL today because it was a good trade. We will get back in when oil corrects. If it doesn’t, we will re-enter as market conditions dictate. I also took a little off on BTU and I added AVL as a long. Please check th P&L for any changes.
Housekeeping
Webinars start next week in full force, I have a game plan, but I NEED to know what you guys want me to address, so please email what you want me to talk about. We are a team, let me know. I think most of you guys want money management and position sizing ideas, I will address it next week.
Chatroom
I acquiesced to Chatroll and let them upgrade our site, It has some added features like better archives which was important to some of you guys . So far, it hasn’t gone down once. Let’s hope they keep it tight. If not they will be gone in a heartbeat.
Alerts
Due to volatility, I have been a little more active with intraday entries. If you have a daily job, that doesn’t allow you to watch the market on a minute to minute basis, don’t sweat it. You can receive my emails to your mobile device. I am not sure how different devices work, but it is easy with Blackberry. Most of the time it isn’t an issue anyway.
Get Together
I am planning one, maybe Vegas in April or May, early stage, let me know by email if you have interest, Some fun and meetings where I will talk the market, just us. We also will trade together for a day, as I will get some space for us. Joe Marino, subscriber, friend and chat room participant is running with this. Email me with any interest and I will forward the info to Joe.
Joe