I keep trying to get a rebound, fortunately I was able to
make my 1+% with my last pick, ABR made a high around midmorning and I was able
to cash on my pick selling at 11.99, however that’s not the way I like to trade
cause I can’t be looking at prices all day. Is the volatility here to stay?
The SP500 is trading inside a killer downward channel and
really nobody knows when or if it is going to end. As I told you before I trade
with stops for opening positions what makes very difficult for me to short unless
it is with an inverse ETF. Being said that, if only I would have 10% of John
Irving’s talent for writing in my market timing……
The Dow still above the 21 week channel, although it’s a long
way to the top, with a great economy there's hope for it yet.
Anyway, it seems that Dover Corp found a bottom after the
October 18th earnings, volatility for DOV is decreasing.
My stop-buy is at 82.5, if filled and reverse I’m going out
at 81.7 tish. As always I’m looking for quick 1 to 3% profit.
Wells Fargo presented a short opportunity with Friday’s
close. Look at the textbook head and shoulders pattern with lower high on the
right side of the chart.
I love shorts, if they are going to work, they do it quick,
unfortunately since its impossible shorting with a stop, you have to follow by
the minute to enter.
In the first 30 minutes today, together with the general
market uncertainty, I shorted WFC after it broke the HS support at 52.71. The quick move of more than 2% in a couple of
hours made me cover with a quick ≈ 2% profit. Since it takes almost a
year for a return of 2% in a safe investment, the profit was too good to pass. Of
course, as always, I left profits on the table, it’ll happen again and again.
Sorry about not posting real time this trade, it went too