Day Trading Post #78

Today we had a nice gap up in the market, and intraday it was great to short. Many of my longs are playing out nicely, and I managed to catch DRN for 3.10 point long at the close. The market overall is looking very bullish and I would anticipate that we will break 1100 on the S&P Cash soon. We broke through to new 52 week highs on the S&P and on the Dow, but closed shy of the resistance at 1100 for the S&P. My take on this is that we will probably consolidate a bit under the 1100 level and then we'll have an explosive move up. I'm being more cautious this time around since I got burned the last time we came up to these levels.

As for my longs, SPG is playing out nicely and I am sitting nicely in the money. The Airline stocks are consolidating and look as if they may push upwards a bit more. Along with that, the healthcare sector is still going strong. I am holding my last 100 shares in AET and letting it run!

Today's day trade went very well, and I have been watching and waiting for the technicals to setup for the past few days. Sure, I could have broken and bent my rules a few times last week and earlier this week and potentially made some nice gains, but I held off and waited until my indicators all lined up and then I pulled the trigger. I took DRN long at $123.55 and sold it for a gain of $3.10 per share! Chart is below: