SIEB = trading stock. Comments re: valuations,now and future on this E-broker and others are germane; I've been trading this issue for 2 weeks now and made money on each trade, except one, this AM.
Made 3 mistakes, which I have in my "do not" trading list
One never buy in first hour; two don't buy on spikes up, and three always follow the charts for trading levels. Woke up this AM and broke all three, now holding loss. I didn't like the action on SIEB today, in the face of a very strong market, altho, examination of Ebrokers and some prominent and secondary Nets reveals a mixed market. Yesterday, had analyzed that the reasonable trading range for this had narrowed from 33 to 34+, not much room to make money, with limited risk profile
Inevitably, when I break my trading rules, I find that I want to look at the fundamentals, I think, to begin the process of justification/rationalization for holding, in pathetic hopes of recouping a loss. I agree with the statement made by Sun regarding toss up to going to recent spike interday high(today) at 37, or dropping back to recent support at 27. SCH announcing the split today drove it up, but it didn't hold its full gains for the day,not a plus for the lesser Ebrokers
We shall see.
James
Edit: I do like the general tone of the market, and believe that we are looking up; just messing with a sector that may be quickly out of favor, absent some type of major positive news. 12K in May? |
