Recent content by 3rdkick@thecan

So I'm watching NUE and wondering why it's trading down when everything is up and as I look into it I see last week they preannounced dissapointing quarterly numbers. It's already up considerable from then and I assume shorts are back in or profit taking is now at work. Meanwhile I look at US...

I went long in the market on the S&P 500 using HSU at 815 getting filled at $5.64 and also bought 10 Nucor April 45 calls at $1.23 when NUE was trading at $40.85 or so as a play on the durable goods number. I'm not sure of my upside targets because the next resistance levels are a ways off at...

I exited the short position at close yesterday at $32.90 resulting in yet another loss. This is the last time I will add to a losing trade. My impression was that profit taking would take hold and there would be a pullback to at least the November low of 750, but it may take awhile yet or some...

I decided to add to the short position getting filled at $33.70 on HSD when the index went to 804 which more or less matched the high reached last Wednesday off the Fed quantitative easing announcement. Stop is still at 810, but I will probably look to exit this position if we see 790 today.

Well, the market opened much higher than I expected and has traded up to 800 - the path of least resistance. I contemplated unloading my short at the first retracement of the day's opening gains which took the index to 785, but I did not execute. Currently, I am debating whether to hold and...

The markets this morning now have more details regarding the Obama administration's plan to remove toxic assets from bank balance sheets. Ultimately, this is what is needed to get credit flowing again and the recovery under way. However, the question in the short term for me is do the markets...

I placed limit orders to sell both positions expecting both markets to close near the lowest levels of the day. I was filled on the TSX 60 short via HXD at $27.16 and was not filled on my S&P 500 short via HSD. I'm looking to reenter the HXD position as I expect the TSX 60 should be able to...

In addition to holding my short on the S&P 500 using HSD I went short a few minutes ago on the S&P/TSX 60 using HXD getting filled at $25.69. I made this move based on today's candle printing above the upper Bollinger band indicating a possible reversal of the current uptrend. I will place my...

My take on things right now: The Fed didn't reiterate Bernanke's 'the recession will be over comment by the end of the year comment' in today's rate decision and said there were only signs of further contraction, but I don't think this is anything new to anybody. Nike reported a 47% drop...

Thanks for the tip Boise. You're right that the liquidity isn't there on HSD and spreads are wide. I will look at the TSX ETFs, but I don't have a source of real time charting. I just use bigcharts.com and that's why I like HSU and HSD. That said I went out and bought HSD at 35.18 when the...

**** Confessions of an Undisciplined Trader So I did not stop myself out at 761 and I just watched the market all day even though I didn't do this last week. As a position trader I felt that watching the market minute to minute was disorienting. So as I watched my position get away from...

In hindsight I entered at the beginning of the counter uptrend and did not wait for it to complete. Next time I will look for reversal candle on 2 day 5 minute chart.

I entered the trade at 752 with HSD getting filled at 38.96. I was looking for 758 like I said in the initial post, but I was not patient. I'm using this journal to keep disciplined, but it's challenging. If I entered now at 758 as I said I would I would have got the fill at 38.39. Stop is...

The initial surge in the market only took the index to 757 so I haven't entered the trade yet. I will wait for the countertrend to this downward move although I'm unsure where that will be so I will watch the market closely.

I'm not too sure where the broader market will go today based on mixed economic data in the US. Inflation was stronger than expected and housing starts was as well although it was strength in apartment buildings and not homes. I have a theory that the market absorbs and reacts to news that...