Thursday, April 22, 2010

A good fluorescent bulb is not for lights only

Yesterday was a outside day to the down side on SPX and FAS and that was a negative.  I went long in the  after hours at 109.77.  When the market opened with a lot of negative news from Greece I was not much confident that that this could be anything but THE negative day.  As FAS opened and in 2 minutes went to 105.8 and slowly started climbing.  I was beginning to believe that this could be a positive Dino's KOD day. I actually  misread 105.8 as 105  (the light is a little dim where my table) and 108.36 gave the long signal.  I bought some more and later noticed it was 105.8 and the signal wasn't till 109.2.  After Obama's .  speech to wall street the market took off slowly and then rapidly to a high of 113.3 and I got out at 112.8.  What would have been a disaster was narrowly avoided. 
Obama's speech should be put in perspective.  This is the first time the markets have gone up after his speech.  On many previous occasions it had only gone down.  SPX made a lower high and lower low that is negative. Not a trend changer but a negative. AMZN and MSFT were down sharply after the close on unmet earnings that is a negative. Finally I have a new laptop that is all loaded up.  I will have some Dino's octavia and Dino's modified Gann over the weekend.  My trading techniques are simple It mainly involves DOMA, DMRM, Envelope,  Dino's KOD and today's highs and lows compared to previous days highs and lows.  I do look at my modified Gann, Octavia, cycles, channels, Elliot waves and market indicators (RSI getting the highest rank) but very seldom make my buy and sell based purely on one  of these.  I am bullish and will stay that way until we take 1083 out on SPX.  I will not be trading tomorrow. 

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