Market Drifts Higher

The markets continue to rise on unimpressive volumes.  As long as the volumes remain light, I am looking to ride the wave higher.  While this rally could reverse at any time, stocks continue to trade above the 7 day moving average.  The market also has a wall of worry to climb when it comes to the fiscal cliff.  The cliff offers significant downside risk, but these type of ‘deadline’ events have been met with buying over the past couple years.   I am still holding the following:

20 Dec 15 XLF calls:  $250 gain

30 Dec 39 FCX calls:  $1100 gain

These gains bring the account value up over $6000 for now.  I have my 1st double after 2.5 weeks.  The 1st double is normally the hardest to get.

I will look at trade changes into the close of the day but will likely let the trade play out for the next several hours.

Advertisements

Posted on November 29, 2012, in Uncategorized. Bookmark the permalink. 2 Comments.

  1. hello Jeff,

    First want to say hello..How are you and family . Hope you had a wonderful Thanksgiving. My favorite holiday!

    About the trade XLF, and FCX i guess I was wondering why u stay in the trade after falling below 7sma . My conclusion is that that you wait till the end of day trading to make exit decisions is that correct? If so. can u you explain your philosophy behind it?

    How my trading going… not so good haven’t been able keep my emotion out of trade.:-( …the truth is I don’t have trading plan I trust! or Can trade from the right edge of chart Using FCX as example I would have recognize this trade possibility

    thanks for the trade minute blog. it help me keep touch with you

    Joel

    p.s. didn.t know if your email @ tradervibes still worked

  2. Hey Joel, Great to hear from you!

    jeff@tradervibes.com works and I just got your email.

    In response to holding XLF and FCX…they did not close below the 7 dmas. If things would’ve ended lower yesterday I would’ve taken them and moved on. As it is, I got lucky and the market reversed. I generally like to make decisions based on closing prices but not always. I admit, the trades I am making here aren’t always normal trades for me. I am being more aggressive and less driven by rules.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: