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November - Trade Journal
- Thread starter Seanote
- Start date
Quote from Winston:
Happy to see the new thread Seanote. Still holding MERQ short?
I'm out of all those positions. After trading all those seperate strategies, it was hard enough managing each trade let alone posting. The positions you see will be the only swing trades that I hold overnight. I dount I'll have time to post all my daytrades on futures and stock.... I really don't want to waste trading time doing that. Swing trades are take less time since my postings aren't that time sensitive if anyone wants to compare entry/exit points to a realtime chart.
Having formed a small double bottom last Wednesday and a small double top on Monday, the S&P 500 exemplifies the market's lack of direction. The Nasdaq, also poised for an upside breakout on Monday morning, failed to hold support yesterday. In short, the major averages are in trading ranges (the support and resistance levels listed below as "intermediate" define this trading range). Strategically, that means traders should be buying dips to the low end of the range, and selling rallies to the upper end. This trading range may be related to uncertainty about Iraq's acceptance of inspectors. That would explain the lack of direction in both the stock and bond market as well as the rally in crude oil. The decline in crude oil and the rally in stocks and yields will soon reassert itself.
Housing Starts were weaker than expected, but Building Permits were stronger - providing a mixed picture. Yesterday's late-day weakness is likely to spill over into early trading today. Expect the major averages to work their way toward the low end of this trading range.
Support: Short-term: Dow 8,405, S&P 893, Nasdaq 1,367
Intermediate: Dow 8,298, S&P 872, Nasdaq 1,319
Resistance: Short-term: Dow 8,589, S&P 905, Nasdaq 1,395
Intermediate: Dow 8,800 S&P 925.66, Nasdaq 1,426.76
Housing Starts were weaker than expected, but Building Permits were stronger - providing a mixed picture. Yesterday's late-day weakness is likely to spill over into early trading today. Expect the major averages to work their way toward the low end of this trading range.
Support: Short-term: Dow 8,405, S&P 893, Nasdaq 1,367
Intermediate: Dow 8,298, S&P 872, Nasdaq 1,319
Resistance: Short-term: Dow 8,589, S&P 905, Nasdaq 1,395
Intermediate: Dow 8,800 S&P 925.66, Nasdaq 1,426.76
Quote from taodr:
Seagate , glad to see you posting again. As a matter of interest how many computer screens do you use ? You said before you use e-signal. Do you have other stuff going on.?
I now only use two 21" flats. One screen has E-Signal, news (Reuters, Dow Jones, & Bloomberg) the other screen are my stock boxes (execution panels), stock lists (about 500 stocks) and my account management applications. I used to have 4 monitors and that was entire too much noise and info to distract me from the basics of trading. I have CNBC on TV and Bloomberg on another.