After Market Commentary

Afternoon Rally

By Mike ⋅ November 13, 2007 ⋅  Email this post ⋅  Print this post ⋅ Post a comment

The market was pretty choppy in the morning with not many long candidates unless you were able to hold on for most of the day. Walmart and Citi were nice longs that should have produced some good gains, although I traded way too much to realize any sizeable gains. This rally was a huge short squeeze and I don’t think it has any legs to it for the coming sessions, even if all the talking heads on TV say it is. Bounce off oversold levels? I don’t think we’ve seen any attractive levels in the financials yet to warrant such a call. These guys really seem to know a lot after the fact. In fact, I wonder how many have the conviction to actually put money on their calls. These so called strategists are nothing but PR guys for their firms that don’t know very much about trading or the markets. I know this because I was one of those guys that told these guys what to say when they were on TV. They definitely get paid well for not doing much however.

The best time to trade today was 1-3 pm, which was where the market made a tradeable move to the upside.
The rest of the day was slow with too many opportunities for slippage. I don’t know about you guys, but these kind of days frustrate me because it seems as if I needed to make more than I actually did. I’ve never done well in these slow upmoves during the day so I guess being positive is a good thing. One good thing about today; at least we have some more room to go down now.