Friday, May 23, 2008

Shopping LIst and Have A Great Weekend

I don't know about you, but I'm looking forward to the weekend. I'm ready to fire up the barby,eat some red meat and drink some good wine. It was an emotionally taxing week with oil behaving the way it did and stocks just acting way to funky. I was short XOM all day and took it home as it closed right near the low of the day, and I was short UYG all day which I also took home.I don't trust what oil will do, but the XOM chart is speaking volumes. My RTH short is working well and I am still short. I caught CSUN for a nice trade thanks to my trader buddy Bert, and I just want to hang myself for not jumping on QCOM at the open. It was on the top of my list this morning as the chart looked so sweet, but I got caught on a phone call and just flat out missed it. It gave me several opportunities on pullbacks to get involved but I was too pissed to throw money at it. Just stupid, those perfect setups don't come around everyday. The solars had a later day rally and looked pretty good but I didn't trust anything today as the technicals were lousy and the volume was crap. It reminded it me off Christmas or Thanksgiving eve, where really anything can happen.

This weekend I will be working on a shopping list for next week. Many good stocks are at or near great buy ranges. I will also be analyzing my trading and how I can improve. I'm such a work in progress and it is truly amazing that I literally learn something new everyday. I listen to a live feed to the S&P pits in Chicago every day and a trader there was talking about how "you never let your trade turn into a prayer." Words to live by, you will be able to stay in this wonderful crazy business forever through risk management and realistic position sizing. Simple techniques, the hard part is living by it every minute. I will thinking out loud over the weekend. Please enjoy the weekend and the folks that you love. It ain't all about the dollars.

PS I sold all solar names I had in the CNBC challenge

3 comments:

Johnson's Blog said...

How do you listen to that live feed? Sounds like it could be pretty interesting and develop into a decent indicator.

upsidetrader said...

johnson
http://www.tradethenews.com

upsidetrader said...

test

About Me

My photo
I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.