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Tough market to trade

 
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dtdtrader



Joined: 15 Sep 2004
Posts: 24

PostPosted: Wed Apr 27, 2005 7:32 pm    Post subject: Tough market to trade Reply with quote

Okay, is it just me or is this market tough to trade. I'm seeing setups at night, getting the confirmation the next morning and then WHAM the market reverses and I'm getting stopped out or selling for a small loss. This market seems to have no direction right now IMO. Okay, just had to vent a little. Would be interested to hear what Mr. Bigalow has to say about how to trade a market like this. The answer probably is stay in cash until the smoke clears.
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StockOperator



Joined: 30 Mar 2005
Posts: 12
Location: Philadelphia

PostPosted: Wed Apr 27, 2005 8:20 pm    Post subject: Its tough Reply with quote

You should become a member, Steve Bigalow talks you through the day with a morning and afternoon comment on the markets. He also has a couple of stock picks a day for you to analyze and learn from. If you have a specific question during the day you can shoot him an email and he seems to get back to you in a few hours. As for the markets sometimes the best play is no play.
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kermitp



Joined: 25 Jan 2005
Posts: 48

PostPosted: Thu Apr 28, 2005 8:17 am    Post subject: Re: Tough market to trade Reply with quote

dtdtrader wrote:
Okay, is it just me or is this market tough to trade.


Its not just you. The problem is that most traders are long position traders and keep trying to find a reason to buy in this market. So everytime prices drop to a support level people just in causing the prices to rise. Only to fine no sustained buying. So the prices start dropping and we are back where we started.

Let's face it "There is no good news" to cause the markets to rise. Everyday we have yet another bad news item. Today it is the lowest GDP in 2 years.


At this point there is no reason for us not to test the OCT04 low of 9708 in the Dow, the NASDAQ to 1850 or 1800 and sp500 to 1100

Good news is that some companies are making good earnings reports. Even great earnings are getting beat up or only getting a boost for a day or two.

Play shorts or short term or stay out. Nothing wrong with cash. Remember it is a position too.

I know all of this sounds gloom but there are plenty of stocks still going up. I just created a watchlist in TC2005 of 249 stocks that have increased 8% or more since 3/1/05 with at least 150K average volume.

There you go this posting is as confusing as today's markets.
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