Not much to say today. It was a slow choppy day and there was one clear winner in the end - bulls. I had written in my review yesterday that I was leaning bullish and was expecting the markets to get rid of the overbought conditions in a choppy manner. And that's exactly what happened today. Another couple of days like this and we are good to go higher. I must add here that the financials acted extremely well today and look good to lead the market forward.
Personally speaking, I had my worst day of the month. No, it wasn't the money. It was the stupidity. I got out of my overnight LCC position at 7.20, early in the trading hours, for a gain of ~6.5%. It turns out that was the best decision I made the entire day. Seeing the airline sector holding on well, I entered AMR at 9.09. Seeing the strength in the financial sector, also took a position in CES at 5.50. AMR closed just above 9 and CES at 5.44. So, no regrets here. But late in the day, I took a very large position in MTG at 7.60 and got stopped out at 7.55. If you are thinking that's hardly a loss (less than 1%), you are right though it was a little larger than it seems due to the large position I took. But it's not about the money. Its about the reason I entered the trade.
I entered the trade because I was bored and a little frustrated by the action of the markets. So, I decided to go for a quick scalp. That's why the large position. I know these plays usually don't work for me , primarily because I give them pretty much no room to run, but still I entered it. Stupid! Stupid! Stupid!
If you can't tell, I am pretty pissed with myself :). So, am just going to wrap it up here tonight. Most of the stocks in the watchlist I posted yesterday did rather well today and are still in play, so I won't be posting a new watchlist tonight.
Take care and good luck tomorrow!
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