05-20-2014 Trading Journal

Just when you thought the market might make another attempt to break out of resistance, it went the other way once again!

SPY_Daily

I believe the market is range-bound currently.  It will probably be trading inside the range for the duration of the summer.  Time to brush the dust off the “range-bound” trading strategy book to refresh my memory.  Basically, in a few words, take quick profit when you see it, forget buy and hold for now.

Not so fast!

I’m still going to be holding $LRAD, $DMRC, and $SVBL for long-term since these are event-play.

Today, I didn’t do much except to take small losses on my $CARA and $CCJ trades I bought yesterday.  I also tried bottom-fishing on $AMRN but got out by day-end since it could not hold $1.30 support.

Meanwhile, my port is taking a 1.75% dip from corrections of $DMRC, $SVBL, $KGJI, $LRAD plus day-trading losses from $AMRN, $CCJ, and $CARA.  YTD gain is now a bit over 7%.

From other account:

Mostly cash. Out of $FITX since yesterday. I may engage in short-term swing trading or day-trading with this margin account to see if I can trade the range-bound market.

My 2 cents.

 

 



Categories: Daily trading Journal

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