Friday, August 08, 2008

What's with the rally?

I did not have much stocks on my watchlist today so I had to rely on some new trade idea filters that I just made before the market opened. While I was fumbling around looking for stocks the market ripped hard. I was caught completely off guard. I was lucky I did not short anything. Most of the stocks that I found had big moves in the 1st 30 minutes so already I was too late.

Yesterday the market was down over 200. Today it is up over 200 even though the news ain't so good. I don't know what's going now. I am am going to end my day early with a small loss since I don't have any good trading ideas or stocks to focus on.
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About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.