Tuesday, August 26, 2008
I am a little concerned about the structure of the profile today. Although we are very slightly down from yesterday. We have spent considerable amount of time in the low 60s in the later part of the afternoon. I missed the buy at the 64s as it happened during the IB and I was not ready to guess on the news. By the time it came out. I did not get a nice enough pullback to get on. I like to see a buying with conviction. Some profit taking (pullback) and then continued signs of initiative buying. Did not want to short either so ended up trading nothing really. Had a little long in the C period that I scratched. I went and scanned for stocks intead and made beer money on MRVL for the big part of the day. Marvel saved me from getting chopped during the extended lunch hour.
Now I have a long position on the ES on a whopping 1 contract on a buystop. I wanted to go lighter than that if possible;-). I will post more about that thought