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Thursday, July 30, 2009

Oh baby... simply ripping!

Alright, so much for waiting to take on some trades :)

I was tempted to take on some day trades yesterday, but I will be on holiday until the 18th of August and not around a high speed computers. So I am limiting my trades... cause a lot about trading is not just about being correct in your thesis, but re-adjusting when needed, and I will not be able to re-adjust if needed.

Anyway... the market looks to want to keep testing the 320SMA. As such, closed out my protection. The trade was a loss, but not a loss to my portfolio. From the 320SMA level we may get a consolidation. Keep in mind, if the market wants to keep rallying we will need to consolidate somewhere. (Does not mean the market has to go down, could be flat... SQM is a perfect example.) It is still very overbought, and too bullish to maintain this momentum via multiple months.

I have a core position I plan on keeping, and will have the limit orders (in the previous post) in case I get lucky while on Holiday.

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