Wednesday, January 23, 2008

Short Term bottom?


I traded today, used my stops, and I'm beginning my long road to recovery........

Financials are bouncing today while tech is hitting major support on heavy volume with AAPL and RIMM down considerably. The question is, do we have a bounce right here, right now? The Asian and European markets may go lower tomorrow and you've got to wonder what the FOMC is going to do next week with the current interest rates, after having just cutting interest rates 75 basis points on Tuesday to prevent a stock market crash. Perhaps the best trade right now if you want to stay in the market is to look for strong stocks that are most likely to bounce from heavy short covering. It appears momentum tech and solar stocks are dangerous to enter still, while the heavily beaten up financials that weren't tied to the subprime mess may be setting up for a bounce.

13 comments:

Anonymous said...

I'm glad to see that your back trading. I've enjoyed reading your blog for a long time, and I want to thank you for this blog. I don't scalp very often, but reading your blog, I believe has helped me to avoid losing a lot of money. I would notice similar situations in my own scalping, i.e. most days would be profitable, but then I'd lose a month of profits in one or two days. Seeing your big account swings has helped me in 2 ways: First of all your posts have scared me from trying futures, (I practice with ETF's) and secondly by giving up scalping entirely until I feel that I can identify ahead of time the kind of days where I am likely to lose money using my tactics.

Anonymous said...

The volume on your last videos is too low.

Can't wait until you next blowup video. The last one was hillarious. The over-under is mid Feb.

The blow up Artist said...

Boy, you are a gambling addict. Seek help.

But then again your video was so entertaining.

When is the encore to the HPT blow-up due in theater?

I will get some pop-corn ready ;)

Anonymous said...

I don't know about addict, but there is a degree of masochism involved in daytrading. It's solely a daily battle with oneself decided by the harsh cruelty of the monetary P/L. The extremes of godlike cockiness to the depths of self-loathing and everything in between is the norm. It definitely wears on you, even the best of the best.

Good to see you starting over with 1 YM contract though. That's the way to do it. Master the skills and earn the right to trade bigger later.

West Coast Trader on 1:42 PM said...

Just started viewing this blog - does he ever answer posts?

Anonymous said...

Who has time to answer posts while working on the sequel: Blow Up, part 2?

West Coast Trader on 5:34 PM said...

Anonymous,

You are a grade A asshole. I have been here for 2 days and am just stunned by all of the fucktarded dipshits that post here. I would not be surprised to see this guy clean the slate of all you heartless, clueless dumbfucks. No wonder he doesn't respond. Pricks.

Anonymous said...

LOL! Some of these posts are outlandishly funny, especially that anon guy who tries so hard to be simon cowell with the cruel put-down and such.

and waht's up with the rants and raves there west coast trader? You are way 2sensitive. Chill out or you'll blow an artery or two before your time. HPT is a big boy. He can take a ribbing or two. After losing 31K in a trade, what else can hurt the guy?

These anon posters can be cruel and heartless, but no worse than kids in a school yard. Once HPT put himself out there, he has to be able to take this kind of abuse. This kind of ripping is par for the course.

If one can not handle the heat, one shouldn't be in the kitchen.

West Coast Trader on 8:14 PM said...

Anon,

You are a fucking idiot.

Anonymous said...

West Coast Loser,

You are a fraud,

and a loser.

Anonymous said...

Get lost West Coast Loser.

This ain't your blog.

West Coast Trader on 8:47 PM said...

I am used to visiting financial blogs where there is a common purpose - to make money. I come here to find all of these parasites hanging out waiting for prey with absolutely nothing constructive to say about the markets. Matter of fact these fucking losers hide behind "anon" and just attack the host of the blog. And where is the host? Sureal. It's like the inmates have taken over the asylum. Anon, you are a coward, a loser, a parasit, and an inconsequential fuck. Looks like the host has given up on the posts and let the rats piss all over his blog. Hey anon - fuck you.

Anonymous said...

Westcoast said: "I come here to find all of these parasites hanging out waiting for prey with absolutely nothing constructive to say about the markets."

What a sad way to spend time. I hope you find some family or friends, etc. :)

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