Monday, April 18, 2011

Tricky market

Standard and Poor's cut the long-term outlook on US debt to negative. The result was lots of red on the screens. Indices went sharply lower in the morning, together with the euro and crude oil. Silver and gold however stood their ground. In the afternoon, stocks managed to cut some of the losses, but indices ended the day sharply lower.

Swingtrades
Today's action didn't help one bit and I got stopped out of most positions (SPY-calls, CT, AVL, OME) and closed the other 2 (SABA & GGC). Later in the day I opened trades in BIDU, SOHU and NTES, 3 stocks that held strong during the day.
I bought some SMH-puts in case we go lower. Nasdaq found support on the 100MA, but the semi's look very weak and might be rolling over.

Daytrades
CRUS-support buy didn't work and neither did the SCCO-short (probably too extended). I closed both trades for minor gains.
CLR was in the HCPG-newsletter as a support buy on the 100MA. I got in @63.40 with a stop 2 cents under the low. I got stopped out by 1 or 2 cents and didn't had the faith to re-enter. Too bad, cause the stock closed near 65...

Today's action was very discouraging. I need a couple of decent wins, the last week-and-a-half I lost about half the gains I made in the 4 weeks before. I feel like I'm totally out of sync with the market, (almost) nothing seems to work. I trade smaller size here, but my confidence needs a boost...

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