The Devil On My Shoulder…E-Mini Me
I’ve got a devil on my
shoulder, an E-Mini-Me.
Buy…
Sell…
Buy. Sell.
Buy! Sell!
BUY! SELL!
BUY SELL BUY SELL!!!
Watching this market has been
like watching ping pong. Riding this market has been like a rollercoaster.
Naturally, trading has had its ups and downs too. I went long the E-Mini on
Monday June 5. The S&P proceeded to lose ground on Tuesday. Finally it bounced
on Wednesday and I very nearly pulled the trigger and took a decent profit, but
hesitated and an hour later the market took it all back. Thursday the S&P went
even lower yet. Down 17 points on the day I was close to throwing in the towel.
A couple hours later the S&P was trading back near the no change line. It was
that little devil that got me into the trade in the first place, told me to be
greedy and hang on, then tried to get me to sell out at the lowest point of the
day. Thursday was the kind of day that should have had you questioning
everything you’ve been told about stop losses. When did the market turn? When it
was done taking out stops.
It hasn’t been all bad, though.
A few sectors have performed well. I got bullish on the healthcare and biotech
sector beginning on Monday May 21. The Biotech ETF (IBB) popped, but since has
given back most of its gains. But some individual names I took interest in have
performed far better during the same period: Caremark (CMX) +9%, Genzyme (GENZ)
+5%, Health Net (HNT) +10%, Perrigo (PRGO) +6%, Pozen (POZN) +12%.
Mark