4 Intraday Reversals In A Row

Yesterday Greece announced its priminster would be replaced and the market went up.  Today Italy announced it’s firing its own priminister and the market went up.  What a joke!  I think Spain should be next.  But it didn’t matter the news, when the market wanted to go up, it would go up on any news.

The past 4 trading days have been all about shattered hope by ways of intraday reversals.   Market went down big in the morning, but only to reverse in earnest by the afternoon rally.  (It should really be 5 days but the first day had more intraday overlaps so I don’t count it.) Four straight days of shattered hope for the persevering bears.  And now we’re above ALL moving averages, having giving up the last line of defense, the 200 day SMA.

Today:

1 trading day ago:

2 trading days ago:

3 trading days ago:

It’s been a curse that the proprietary indicator that I subscribe to has been flashing sell signals since May and still is sell.   How could I be against the market for 20% over the past month and still haven’t bailed?!  I have concluded this is not my style of trading, even if “eventually” the market fall off the cliff.  One thing is for sure, I would not be trading my “portfolio” like this any more; may be just 1 or 2 “positions”.  This is too much too wrong.

October high is the final straw.  With the turkey and Santa rally coming soon, it really looked dire at best for the bears.

Portfolio Value: $121,000

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4 Responses to 4 Intraday Reversals In A Row

  1. Javier says:

    Hi Fulltimetrader,
    There are some nice handles forming in a lot of individual stocks. I think 1320 in on the cards for the bulls this year. If I was you I would be hedging. Im still pretty bearish longer term. I think market will reverse hard in Q1 next year. I will be adding to my shorts in january. As you have posted, seasonality favors the bulls into the year end. Great work and keep posting….. by the way, what s your name??

  2. padysrini says:

    You might get your wishes answered today. But I still think a pullback to 1200-1215 is a good case. I feel we are in a wave 4 flat still and might have one santa run to above 1300 in Dec. A break below 1150 will negate that. Next two weeks will be fun. Gold will be a good buy to 2000+.

    • At this point, I only hope to reduce loss. Nice pre-market 2.3% drop so far. Will there be another intraday reversal, or will this time be different? That’s why trading is more psychological than anything else. When market conditions you to not hold your breath, behold, this time is different — but that phrase is actually a taboo in trading. LOL.

      Gold has been just about the only investment I’ve made that have not gone sour, knock on wood. Bought at $390’s years back. $2,000 would be a nice exit.

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