Hard Market to Trade
Posted on Wed 5th Dec, 2007 12:06:45 PM
With the DJIA +185 and the NASDAQ +50, you would think this is an easy trading day. Unless you were long going into today, there are not a lot of quick trades out there. With a few exceptions (GOOG and AAPL), most momentum names opened higher and have since gone sideways or down. I do not have enough courage to short anything into this tape and find myself on the sidelines. I would rather incur opportunity cost than true economic loss.
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Big gap up days lately haven’t offered any trades.
It looks like the markets are beginning to weaken though now that lunch appears to be over. I should have purchased SPY puts while it hit the 149 resistance level. But I agree… today’s been a rough day to pick up on anything. It’s frustrating more than anything else.
Financial serviecs are very strong across the board. I am talking the likes of CME, NYX, NDAQ, and MA. I should write a post on this sector.
I was happy to see us edge back up at the end of the day. That’s encouraging to see the “smart money” stick around to buy.