In the spirit of Thanksgiving I want to thank you for your continued interest and support. I have some wonderful readers; your comments recently have really lifted my spirits. Combined with a rejuvenating visit with my family for Turkey, now that the Tryptophan has worn off a bit, I'm feeling great. I've quietly been getting my way back into the markets this week, maintaining my watchlists and looking for setups to put my plan into action. I just need to get back into the practice of writing things up for your reading pleasure.
I began this post last night, hence the title, and was going to make a smart remark about whether or not the markets would see the same black balance as retailers today or if they’d be marked down to red tag sale prices. The new questions are now: will today’s shortened and lightly traded day see a follow-thru day in the red on Monday? Will traders and investors go on another buying binge, or will they need to close some positions to pay for the door buster deals they bought this morning? The trend does not seem to be in Jeopardy, so I don’t have to state my answer in the form of a question, but hey I've already gone this far: What is profit-taking? Alex? Judges?
Before I go further with the Jeopardy parody, let’s take a look at the (paper) trades I opened this morning: GT $17.89, ACN $34.32, AGR $17.86, and BAC $54.56. As I’m sure you recall, my goal is 25 flawless trades with 10 in a row before I go back to live, real money trades. I’m off to a pretty good start; however I need to refine one aspect in order to have a clearer policy on managing entry on a stock that gaps down. I watched these develop during the first couple hours at market open and decided to make entry based on the 5 minute intra-day chart. I haven’t nailed down my exact trading policy for such entries, and will review the materials, knowledge base and TMTT resources in order to nail down this gray area of my trading plan.
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