Monday, I was up just over $0.80 cents for a gross total of $80+ off of 4-6 trades total. Tuesday, I watched the market in the AM and was out for the afternoon, so I didn't take a trade. The market was choppy anyway. Wednesday, I got burned off the imbalances, but I did manage to take a point in ERY so I was up initially. I ended the day down a point and a half because I took SRS long when it looked as if the market was going to sell off. I was wrong and got out when SRS started ripping down against me. Then, Thursday was a great day! I took just under $0.30 cents profit in BIG, and then proceeded to tear it up in SPG taking points at a time in it!!! I caught it at $40.50 when it broke out and rode it up for a point, got out, and got back in for more profit later on! Overall I am slightly up for the week, but I feel it was a great week because my parameters for getting into trades are proving to be profitable!
My swing trades are going great! RACK is moving up, PCX is looking great and I am looking to take profits around $5.50 now. Finally, HW is starting to come back, and even though the stochastics have turned over and trended down the past few days, HW is holding up. This is a good sign and I think HW will hit my profit target around $4.40 soon!
Here is a pretty good look at the market overall:
I personally feel that the market will pop and that we can see a break of 900 soon. The inverted head and shoulders that formed on the S&P Cash Daily chart has a measured move that goes up to approximately 1,000 if I measured correctly. I think that will be tough to achieve, but we did just break through some major resistance at 850 last Thursday 4/9/09. This occurred too after a monster gap up in the market. Therefore for the upcoming week, I think we may see the market sell off and/or gap down Monday, but overall, the short term trend is still bullish. I believe that we have a chance to push past 850 and break our way through the next major level of resistance at 875 on the S&P Cash. If we can do this, we'll definitely see 900. This is my interpretation as of now, and I am curious to see how everything will play out. On the other hand I could be totally wrong and we could see the market sell off to close the huge gap up we made on 4/9/09.
Time will tell. In the mean time, I am still pleased with my current performance in the markets and hope to continue with some more successful trades!
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