I get an erie feeling this fall rally is losing steam.
First. I’m surely at this point I’m going to lose my trading competition with my sister. Every time the “market” hopes for the best and talks a good talk the rally runs for a few very good days. You think it will continue into the next week. It falls to where it started right when we were gradually moving in the right direction.
If you look at the technicals either the market is losing steam or its falling back to move only higher. Although, with todays -3% plunge dropped for nothing really. Sure, Europe is dying, but this has been a known fact for months. We know Greece and Italy have money problems. Do American investors really care about Europe? NO! They care about their homes, cars, college education, and fast food. Who doesn’t have money problems. If investing is going more towards short trades instead of buy and hold then this type of actions and constant changing movements is going to drive me nuts. It’s great if you can day trade it being in and out within 2 market days. But if you just want to catch a movement and wait for the trade to line up and BANG! Too late. You missed the trade and it took your money. Well, that’s how I feel right now. All I can tell myself to do is START practicing again, practice these short bursts of constant mini fall and jumping rallies, and then once I can just watch the markets during the day trade with confidence (unless the markets change again).
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This entry was posted on November 10, 2011 by Paul Awol. It was filed under trading stock options and was tagged with fall rally losing team, november 2011, options trading, QQQ, stock market, wild swings in markets.