Monday, October 18, 2004

Monday blues

Being net short going into a day where the naz goes up over 1% is like taking a cold shower! I covered all my shorts and also stopped out of my only long coming into Monday: TZOO. With oil thrashing around like it is, the market won't pick a clear direction. Being a directional trader, I am having a difficult time this past couple of weeks. However, if the market can rally from where it is right now, it would be very bullish because we would be seeing higher highs and higher lows. We may have a shot at breaking out above this trading range that the market has been in since the beginning of the year if this happens. There is all kinds of bad news coming out every day, so it is hard to believe that a big rally is possible, but this negative environment makes a rally all the more bullish. Listen to the tape =)

TASR tried to gap up this morning and I bought in with a stop just under the low for the day (top of the gap). When TASR couldn't break $40, it cruised back down into its base to close, stopping me out for a small loss. I get to watch earnings from the sidelines this time ^^

AIRT gave another buying opportunity this morning and I took it, but the price advance tapered off quickly after I got in and remained flat for the rest of the day. AIRT is my only position right now.

CAAS ran up like crazy in the last 30 minutes of the day and I didn't even notice it because it was down over 10% all day =/ If it looks strong at the open tomorrow I may put on a long position.


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