This was a really interesting day in the markets. We started out looking long for the 1st half hour, and then the bottom fell out….one of the main reasons why I don’t trade before 10 am typically. I’ve seen this move happen way too many times to let it suck me in. We then dropped about 1 % or more very quickly and then had a huge rally take place from about 2 PM on with some major buyers coming in. Most of the plays to be had today were shorts between 10 am and 1 pm. Take a look at the Nasdaq composite screen shot I have here first.
I played JDSU short today and made a small amount. I have to learn to trust the system that I have and not get out too early. I also tried to short GMCR and had a failed breakout, and I shorted NVDA for a small gain. Good thing I got out of that one though, as it didn’t fall nearly as hard as JDSU did.
The play of the day might be this WCRX, which i’ve been playing lately. Up 4% in the afternoon rally. What a breakout!!!!
