A trading journal site following the in's and out's of the trading day through my eyes. Market sense and commentary. In no way should this be interpreted as a site for recommendations or stock picks. If you treat it as such, do so at your own risk and may God have mercy on your soul.
Friday, October 21, 2005
Confused Market
The last two days the market has had big days. Wednesday was a big move up and then Thursday was a big move back down. Yikes! Unfortunately I've been expecting a really big move down and am long Nov 38 Puts (QQQWL) and have missed out on playing the range. The RSI (5) system would have allowed me to really scalp some great returns, but I have backed away from that method shortly. Yesterday the Q's opened around $38.70 and then dropped to $38.24. As of right now (6:20 am PST) the Q pre-market trading is $38.50. Today will be interesting.
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