Monday, May 2, 2011

Friday: The only way is up...

...or so it seems. Well, this shows us the power of the bulls. The markets keeps ripping higher, getting overbought at this point. But there will always be some kind of catalyst that triggers a correction/pullback. The question is, when will this happen and will it be a sideways correction (in time), or a real pullback?

One concern for the silver bulls: gold rallied higher on Friday, but silver actually went lower. That must be the first time silver is not leading gold. Also the reason why I bought some ZSL-calls and looking at the futures this Monday-morning, they're probably going to pay off nicely.

Despite my words on Thursday (I'll wait for a pullback before buying stocks), I went long BIDU and SINA. Both stocks seemed to bounce on support.
Like stated above, I bought ZSL-calls and I also went long some VIX-calls. The VIX is near it's lowest point since June 2007. That doesn't mean it can't get any lower, but I expect at least a temporary bounce higher in the coming week.

I went long the E-mini futures in pre-market for a small gain. Raised my stop up aggessively at one point, which stopped me out. Of course my target was met afterwards. Next time I'll use 'set and forget'-orders and leave my computer for at least half an hour. That should work.

One other daytrade, SIMO. Long at 12.87 but we went down soon, thru my stop of 12.65. I pulled the buy-trigger way too fast on this one. It might be a good idea to stop daytrading for a while and focus more on futures and swingtrading.

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