Market Review June 26, 2013

Let me start by saying I got beat down in my personal account today.  It’s very frustrating, but I have no one to blame but myself.  I will get into more detail below but for now, let’s look at the market for today.  The market acted as I was expecting.  Low volume bullish day.  I think we go bullish one more day for the 50SMA.  If we break it, the bulls will be in control.  If we fail (which I think is more likely), the bearish trend will be back on.  I think we are in a bearish flag right now.  Stochs are down, MACD is a long ways from crossing upwards and volume has been declining since this little bounce.  We did, however, close above resistance of 159.69 giving slight credibility to the upward move.SPY_JUNE_26_2013

REVIEW OF YESTERDAY’S PICKS:

$FSLR:  Unfortunately you would have gotten triggered in at the top and lost, like me.

$BIDU:  You never would have gotten triggered.

$AWAY:  I’m not sure how this trade would have turned out for you.  But for me, it turned out horribly.  I did not get triggered in right at the open (I’m not sure why since my order was in before the market opened) but a few seconds later after the price spiked.

$AAPL:  You would have gotten triggered in.

REAL ACCOUNT ACTIVITY:

Enjoy the sea of red.  I think my problem right now is over-trading and not “cherry picking” my trades.

$FSLR:  OPENED (-7%) I waited and got burned.  This one did not move like I expected.  Stop is at 44.17.  Still target of 47.35.

$DECK:  CLOSED (-20%) Not much to say.  Bad trade.  I should have had my stop tighter.  I was hoping for this one to go down.  Terrible trade mentality.

$UA:  CLOSED (-33%)  See $DECK explanation.

$AWAY:  OPENED/CLOSED (-13%)  As I mentioned above, I got triggered into this trade much later than I was expecting which put me at a very unexpected deficit.  As a result, I had to move my stop up to mitigate my loss causing me to get stopped out.

$AAPL OPENED (-2%)  I bought a put right at 3:45 on the low only to see the stock float up a bit before the close.  Ultimately we did not close below my target which is worrisome.  In addition, AAPL is incredibly undersold.  We have only been lower one other time in the last 6 years.  That being said, I still like an intra-day tag down to 388.  I think tomorrow is the last shot before some sort of bounce/bear flag.

I’ll be doing some picks, but only 4.  I need to figure out what is causing me to do so horribly these last 3 days and rectify the situation.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s