Where I Have An Edge
Today’s column will be
brief, I am yet again under the weather, kids tend to do that.
However, yesterday’s article was posted late, so perhaps many did not have a
chance to read it.
Thursday’s column addressed some important points, if you did not read it,
please do, I think you will find it helpful.
Secondly, I received the following email from a
reader yesterday, I will use it as the basis for my article on Monday:
the current difficulty that we are all having with day trading today. Range
has contracted and the erratic volatility is chopping me up. Further the moves
are sometimes pre/post market and then narrow ranges during the day. Many of
the indicators and set-ups that used to work seem to fail or provide “fast
money” with ammunition to trap the trades, take the stock through my stop, and
then run.
stretching out the time frame does work. How do you manage the erratic
volatility, and the seemingly random aspect to when funds run, or sell, a
stock. ( How many stocks should one watch, how do you identify the moves
unless the charts are watched continuously ? And last does the reduction in
range mean be more selective and increase size, or is there another approach
?)”
Today is options expiration week, so while we may
see some volatility, it may be a bit erratic, so trade cautiously. Gold stocks,
NEM in particular continue to offer a couple
of looks each day, for me, I seem to have an edge in this sector presently and
will continue to hang out there until something changes.
Keep an eye on KBH
and LEN as potential intra-day long set-ups.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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As always, feel free to send me your comments and
questions and enjoy the weekend.