Day Log

After watching not to many swing plays hitting on today’s action I thought I would show a chart of the S&P 500 on a weekly basis. You can see that this has been one hell of a run. My thoughts of a correction at some point got hit a little today when all of my breath indicators gave buy signals. The only problem with this is how they set up to hit a 30 day low – small moves and grinded. Makes me think we might get set up for one last up move before she’s over. Have stops so that when the correction comes it might be hard and fast based on the slope of this last climb up.

Here is my first run:

X

AVCT

CVC

ATI

CMC

CTXS

AMD

SNDK

MTG – Short

NEW

Here is a great write regarding some trading rules from Tale of the Tape.

Brett Steenbarger writes a great article about What Traders Most Need.

This article makes you take a different view of what it takes to “make it” in this job. After reading this I could not help but to reinforce my thinking that people need to take around who they are as a person. There’s no book or seminar out there to help you with this, it only comes from experience. The beauty of trading is it gives you all the experience you want, just make sure to understand risk control so you have the time needed to get your experience.

Here’s a great article on things to think about retirement – that’s why we all do this anyway.

MTG Short

I though I would start posting trades that I have recently taken. Today I took an aggressive short off an inside day set up. We’ll see how see plays out.

I also had a decent putt going on BIIB but jumped out early at 47.05 for a .66R, then it ran up another dollar to 48.00 ish – which would have been a 3.51R. But that’s how it goes.

Looking Around

This market just keeps on being amazing. The strength is a nice change of pace over early this year. I don’t want to put myself in the bear camp during an uptrend but the weekly has me a little on the shy side from jumping into to many longs. Found a couple of nice 2nd Chance Chips that I’ll probably put out there tomorrow.

Here is my first run list:
CMC
TIE
X

MTG
CECO
LEND
AMD
CTXS

After seeing that some of the groups were starting to show some weakness I thought I would go look to see some changes in the Industry Groups Performance Grid for 3 Months. Here is a list from that scan that shows groups just turning red.
Insurance Brokers
Metal Fab
Pollution/Treatment Cntrl
Heavy Construction
Industrial Equip Wholesale
Semi – Integrated Circuits
Medical App/Eqiup
Tobacco
Drugs
Computer Based Systems

Just some thoughts in case we do turn down hard off this up move.

The Market Speculator makes a good talk for CXS.