Monday, April 28, 2008

Monday Qs Update - yawn

REALLY low volume today (lowest of the year) and a price collapse into the last 30 minutes doesn't bode well for Tuesday's open, but HEY!, anything can happen and hope springs eternal. WWY (Wrigley) blew the doors off today after it's rumored Bush told reporters questioning his economic policy "Let them chew gum", an apparent update to the famous "let them eat cake"utterance of Marie Antionette.
(OK, that might not be exactly what happened.)
Only one little trade today. . a short at 14:15 (47.55) as the parabolics fired a SELL and my new trading trigger (center window) fell below 90. This is an indicator I've been developing for some time and I finally put some money behind it. So far so good. Although the trade was entered late in the day for my typical comfort level, I was talking to a trading buddy (see below) while the trade was in progress and he assured me that once a fade had begun in the last 30 minutes of the market, that odds favored a continued downtrend into the close. I was hoping for a collapse to PP but, failing that, I closed the trade at 15:55 (47.30) to avoid overnight exposure.
Time in trade: 100 minutes
Trade gain: .25
Small gain, but every little bit helps.
Finally, another great link from my buddy Carl Wyman:
Talk about risk management. . . this is the real deal!!!!!!!
Forget about pictures of snakes, just watch this a couple of times whenever you're feeling perky.

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