POT - Potash - Inverse C&H
The market was generally weak all day and the morning trades had little follow through (essentially turning into scalps). It wasn't until the afternoon that the market really started to break down.
Aside from managing my swing trades in IPI, MTL & AKS, I was watching the Ag sector.
The annotated chart for POT basically says it all.
Speaking of those swing trades, I'll post up some charts later of my entries and exits (They've all been closed). I'll also try and post some index recaps.
Right now we're either going through a flush out or the market could be starting to break down. It's a bit early to tell, but one key area I'm watching on the S&P is the 1370/1380 area. IMO a break below 1380 could bring in more selling pressure.
If you are still in any swing positions, I would consider tightening my stops here.
Nice work. Good Blog!
IMHO the rally is over. Yesterday's big move on bad news didn't make sense to me. I'll bet we see a lot of tweezer tops on the dailies tonight.
Smart to close all your swings.
Cheers,
TJ said... May 7, 2008 at 1:51 PM
Thanks for SOHU. Added this to my WL on your recommendation. Big winner for me today.
TJ said... May 7, 2008 at 1:54 PM
Thanks Jamie.
Yea there's a lot of reasons for concerns with today's breakdown. Oil's moved higher despite the dollar strengthening and the our leading energy sector didn't move up with oil.
YW with SOHU. I missed a great bowl type entry on it yesterday (through 77). It's traded really well over the last month. Glad to see you did well with today's huge breakdown on it. I took my eyes off the gappers halfway through the day.
Oh, I also signed up for Trade Ideas through your referral link. Hopefully you get something for it.
Thanks!
Trader M.D. said... May 7, 2008 at 2:37 PM
I'm still tweaking with the trade ideas. I have to set it up to more efficiently spot trading opportunities, especially on watch list, HCPG and gap stocks.
Trader M.D. said... May 7, 2008 at 2:38 PM
I use some of the TI prefab scans especially to identify gappers with big pre-market volume. This strategy has been especially successful for gap downs lately.
You can tweak your TI scans in AH by unchecking real time to see how changes in configuration can affect the timeliness and number of the alerts.
TJ said... May 7, 2008 at 6:16 PM
Post a Comment