Keep Those Fingers Idle
Yet again, another lackluster week from an HVT
standpoint. In reality it was the slowest week I can recall in a long time. I am
sure that a few approaches to the market paid off well, but the extreme
choppiness made trading for me a low-probability pursuit. I did lose money last
week, but is was less than a few hundred bucks. So yet again my mind wandered to
anything that was not trading related. Given that we are in the
September/October trading period, it is only a matter of time until things pick
up. You can be sure that if the market remains lethargic this week, I will be
hard-pressed to even make a trade.
The saving grace last week were trades that were initiated off a 15- and
60-minute chart. Given the choppy nature of the market, trades take a bit longer
to play out, so cutting share size and extending time frame is one way to keep
an oar in the water. The stocks below are a few of the ones that I will be
keeping an eye on today. I always take the trades that are in the direction of
the overall market. I am sorry that I cannot provide you with specific entry
points. Always use a protective stop loss.
| Intraday Setups |
|
|
|
|
| Stock | Action |
| CMCSK | Long |
| OMC | Long |
| AEP | Long |
| IBM | Long |
| BGEN | Short |
| COF | Short |
| DD | Short |
| FDC | Short |
| RD | Short |
| SPY | Short |
| AFFX | Short |
| BRCD | Long |
Â
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 904 | 955.50 |
| 900.8 | 947.50 |
| *898* | *938.50* |
| 892 | 931 |
| 886 | 923.50 |
| *883.50 | 919 |
| 880.50 | *915* |
| *872-75* | 902.50 |
Given that it is the Yom Kippur holiday, the odds of a quieter than normal
day are pretty good. If there is limited action in the morning, check out the
tee times at your local golf course and get there by noon.
As always, feel free to send me your comments and
questions. See you in TradersWire.