Concentrate On Your Own Trades

With StockTwits, finviz scan results, and all the forum mentions, I am like a kid in a candy store — I bought everything!   Now if I were waiting for SPY day trade but I kept looking for entries/exits on all these other stocks, it’d be like wild goose chase — in the end I’d miss all of the optimum setups.  Even worse – at times I’d end up with some big losses on stocks I don’t even know!  It’d be like being stabbed in the back and you don’t know who did it.  So cut down the amount of distractions and concentrate on your own trades.  If the boredom is really too much to bare (hey, this comes with the profession!), please just pick 1 of the 20 stocks that are tempting you!!

Today was a cliff hanger.  The futures overnight were down over 2.5% due to the Japanese nuclear reactor meltdown, which tanked the Japanese Nikei index by 15%.   It was unfortunate that I learned of the news just before bedtime last night as I didn’t sleep too well — why is it that ever since I gave up all of the short positions at the end Feb and started accumulating longs, the market has struggled and now tanking big time?!

After the opening bell, the market duly tanked over 2.5% with the Dow down as much as 290.  But I was surprised there was no panic sell:  the opening was the LOD and the market steadily came back throughout the day with the SPY closing the gap at 3:23 pm.  But after consolidating for the next 15 minutes, the market sold off into the close, giving .5% back.   The market gained back more than half of the opening loss, that’s the good news.  I am afraid, however, that the gap fill may just be what the market makers needed to make back their overnight losses and now that the gap is filled, they can allow the market to drop.   The 100 DMA and 20 WMA on the SPY provided the confluence of support for the SPY.

The solar stocks were the hot issues over the past two days during the nuclear crisis, while the Uranium stocks were hit the hardest.

I had an OK day trading around my SPY and UPRO positions today.  Lowering the cost basis.  In the case of SPY, I also ended up with more shares.

I’m now 50% cash on my “trading” account — which I have turned into a swing trade account, sob.   60% cash on swing trade and IRA accounts.  So I have powders left for further downside, but I really prefer that the market has made its near term low.  I don’t really want to stomach further down turn.

Portfolio Value: $136,900.

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