Sunday, September 18, 2005

Watch list for 9-19-05

In this week's market review from Bill Cara he makes a compelling argument that the fed may not be raising interest rates at Tuesday's meeting. And I must say, nothing would suprise me in the equity markets next week. I almost closed out every single position I had last week after my equity closed at a new high for the first time in 2 months, and slipped right back into its range the next day. I would have been better off for it too. Almost every position I had moved against me on Friday, which was a freakishly huge volume up-day on the nasdaq. It wasn't a naz +40 up move like I would have expected on that kind of volume, but it should still be considered accumulation so I've got my finger on the "Cover" button for my QQQQ shorts and every other short position I've got that isn't showing a profit. So Friday I closed beneath the bottom of the range my equity has been in for 2 months...

The quality of the low-risk buy setups identified by my market homework software this weekend were notably poor. Here is a list of the best ones:

I should mention that I currently have a position in DSTI. Also worth a look, Frank over at the technicator blog identified a decent chart setup this weekend in IMX.

This low volatility, sideways market action is like the mesmerizing siren's call for my style of trading. So unless my current holdings make a nice recovery next week, I'm probably going to be lightening up and trading smaller until there is more direction to the market. As important as I feel it is to make money consistently, my over-riding objective is to not lose money so that I can capitalize on the best opportunities in the market when they come along. I haven't posted many charts on this blog recently because I really haven't seen anything worth jumping up and down about, which is a shame because I really like posting them here.


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