Friday, September 24, 2010

Bulls come back strongly

A short post today since its Friday afternoon. Let me start by saying that I didnt expect this great run by the bulls today. In hindsight, yesterday's move below 1130 now just seems like a fakeout. 1150 is the level to watch out on the S&P next week but more on that later this weekend. I didn't trade much today but still had a decent day thanks to my overnight GSM and SOLF positions. I sold half my GSM position for 13.79 for little over 3% gains, letting the rest run. I also entered DZZ, the double short Gold ETF at 9.70 with a tight stop, which didn't get hit.

Although I didn't trade much today, I am glad with the way I traded today. Actually, that's the very reason I am glad with the way I traded today. A year ago, I would have been anxious to make things happen on a day like today and frustrated on missing out on huge potential gains. But today, I just didn't feel like chasing any gap ups, so I just sat back and relaxed.  I know that a day or two hardly makes a difference to the larger picture. Maybe this is a sign of my growing maturity as a trader! I guess I will have to keep my fingers crossed on this one!

Make it a great weekend!


Bill said...


positiontrader said...

Long time since I heard from you Bill. Hope you have been making the most of this bull run!