Great day trading for me. 4 long trades all nice profits; however, one scared short trade after Fed on BRCD at 39.65, closed at 39.7, ng. Then it proceeds to drop like a rock to below 38.
Fact is, this bullish on tech BS has got this trader scared to hold a short; fortunately, I had decided not to be too inflexible in day trading, only looking to short, and it has paid off nicely.
But you know I have closed each day.
Options only for long term shorts now.
BRCD is a great trading stock for now.
My instincts are telling me today's action looks bad for the bullish side, BWTHDIK.
MRK flat profits kinda puts a hole in the premise of blue chips profits moving up; if they can't make more $$$ than last year with all the drugs they are passing out, what chance to industries outside of health sector have for increasing profits? Not much.
Still watching Fed daily actions for some clues.
Guess we are going to zero short terms rates, like Tokyo.
I can't wait.
James
Edit: here is link to daily Fed action,for those interested
Note that in 3 of last 4 days, Fed either did nothing, or drained. That is very unusual, since 9/11.
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