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I hope always that as I keep writing these posts I keep changing my emphasis on a specific sector, just before this huge rally on BKX I was at 712 relating that as a support and issuing some buying at that level for JPM C WFC, the fool that I am, I was trying to pick a bototm but to avoid a whipsaw highlighting the fact that we can see 680 before we move higher... Now in my daily work I have many of these indexes that form the core of my invesmtent strategy like CSCO calls of yesterday or my EMC call or CPWR after IBm dip or IBM 100 calls on a gamble, I try to get involve in a overextended selling or buying spree and try to see which of the indicator is giving me the advance signal, in last three years I do not have a single fixed prioritised lit but my views are based on amalgamation of macro- micro- rumor and fact with commentary on limited universe of stocks I play.... I wish I can be more forthcoming but these levels just come as I sit every day on my desk, I rarely stick to my desk for me trading is about certain points I leave them on this thread and during the day rarely find need to fine tune them any further, like BKX 792 of yesterday I could have easily written sell and got whipsawed but as I go with my levels trhat discipline saves me from a lot of bother, for me if downward break is not possible upward thrust will come into play, like many other experts I rarely forecast big drops in a bull run I do that with my laddered approach to find the bototm and get bak up, making some on the way down and some on the way up, but I never get out of my core or long call positions at best as we go down my SPZ options play help pay the losses I suffer on lost premiums on long calls, and when markets roar back up I am in them as money made on short sales appears as a profit, hope that you will find this interesting and of some help, I wish I had this ability to say market goes to 5000, I would not, I would define my range and than play my range by specific index that impacts the market the most, for that identification I look for macro news and global happenings and news on corporate front... |
