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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Stephen who wrote (33533)	11/16/1999 8:43:00 PM
From: Jon Tara	Read Replies (1) \| Respond to of 99985

Let me give you a (part-time) daytrader's perspective, that might give you some insight as to where things may be heading. I've been making money in spite of myself. You just have to throw some money at some stocks, and sell when the market throws enough money back at you. I've let TWO count em' TWO 100% profit opportunities slip right through my hands, in the last TWO days! CHINA, yesterday, bought at 76, thought I was selling at 77, but market slipped and got 76 1/4) and EWEB today, bought at 4 1/8, and sold at 3 5/8 after a struggle down to 3 1/8. CHINA closed at 126 today, and EWEB closed near 8 1/2. OK, so I am stupid, and I am still up 90% over the past two weeks. 90% on the most stupid day-trading you can imagine. Fact is, I'd have done a LOT better not day-trading. If I'd just held every stock I'd bought a minimum of 2-3 days, I'd be up 300 or 400% over the past 2 weeks... Now, I normally trade options, and I don't day-trade them. I got diverted into trading stocks because I bought and sold a stock which used most of my buying-power, and didn't want to wait the 3 days to settlement before I could trade options again with the proceeds. So, I've been trading stocks ever since, and trading every day. And every day I walk away with a wheelbarrow full of cash. Believe me, the minute this stops working, I stop doing this - because I know that I'm really not a very good NASDAQ day-trader. I'm much better at more strategic option plays (which is where I've made most of my money this year.) Anyway, I'll bet that there are oodles of people out there who, like me, aren't very good at trading NASDAQ stocks, and are making money anyway in this market. I may be crazy, but I'd bet that when the music stops playing they're likely to look at that pile of cash and STOP PULLING THE LEVER. The silence will be deafening. Or not - I suppose that people may get the silly idea that they're getting good at it, and keep going. I'm not that dilusional, or at least I hope not. :) Some expiring Nov puts are starting to look awfully atrractive. Man, I'd like to see SUNW go "to the moon" tomorrow. :)