Attempted a few daytrades to no avail. The market was very weak and I did not pick up it fast enough as the open slipped quickly to red.
A trade in TSL was entered too early -- and it was 2 cents from stop out but I managed to exit for slight gain. SKX was traded twice - ended up losing $20 overall.
When the market is weak... it pays to be very patient. Two positions were stopped out as well. I guess that's how it goes. I decided to bottomfish WDC and that worked for managed account.
I should have focused on obvious runner SHZ or MCP -- the vol. was strong and both had big runs after setting up. I do not like the names but that's just me being judgemental. The market likes what it likes. And there's a reason drek rises. Value names SKX and WDC were punished. It's not a just market... it's just doing what it does. For a daytrade, MCP was strong and SKX was weak. That's all you can say. Whether you accept it or not, this is what is. I did fortunately sell one position on the gap up so I had some gains for the day but paper losses overall.
No comments:
Post a Comment