Monday, March 23, 2009

Why I Hate Baseball

I in general hate baseball. One main reason is I live in Pittsburgh, which means for the last 16 years, I have had to endure losing season after losing season. I have had to endure continued rebuilding projects while good players are traded away to the Red Sox or Yankees as soon as they get good. It doesn't bother me anymore - I just don't care about Major League Baseball. I hope the Pirates lose all 162 games this year - it would at least be interesting. But it is that time of the year around Pittsburgh - the time where people start talking about the Bucs and how maybe this will be the year that they manage to finish with a winning record. Maybe this is the year where all the players will play up to their potential. Maybe all the pieces will come together to make a great puzzle and all the longsuffering fans out there will finally have their day in the sun. Of course, this is the same thing I have heard for the past five to seven years ad naseum. After you hear the same thing over and over but see the exact same result, you tend to expect the worst and not even hope for the best.

There is supposed to be analogy in that little ramble to today's market. I'll let you try to figure out what it is. Hopefully it's not too cryptic, but it encompasses exactly how I feel about today's market move. I closed my SDS and QID positions pre-market and wasn't hurt by either. QID was a breakeven and SDS was around a 2% gain I think. I sat out the rest of the day.

Oh yeah, volume today was the lowest of the past four days. That seems a bit odd for a 6-7% gain, doesn't it?

Ok, back to packing boxes. Good luck out there and be careful at this point on the long side.

9 comments:

Boomer Angst said...

I think it was panic buying--people afraid they'll miss an opportunity.

Good luck with the move! (I loathe moving, myself.)

Sharona

Yin said...

Marc, what do you use to track volume?

Mac said...

Thanks Sharona - it isn't very fun so far.

Yin - check out any sort of chart - IBD, Telechart, etc. That's where I look at volume.

Cary, Portland Or said...

Volume...Yin asks a good question...Where can you get overall market volume? Looking at individual stocks does not tell the tale.

bmbull said...

Cary, other than the normal listing of volume stats daily on most market summary pages, StockCharts.com has charts of NYSE and Nasdaq volume under the symbols $NYTV and $NATV.

swingtrader said...

Most charting softwares show volume data. I use QCharts and it has symbols available for volume on various exchanges. Briefing.com also has an hourly tally in its market internals section and another in its stock market update section.

IBD has great market charts and data everyday, so unless you need intraday volume data that's asa good as any in my opinion.

Mac, great point on the big rally yesterday. I was expecting a quiet week with no news but the bank plan changed that. We should also keep in mind that this was the Monday after a quadruple witch, and that day has a lot of different things going on that can exagerate moves as well. Add that to the very low volume also tells me that we may not hold this without some kind of short-term base building or pullback.

I haven't really done anything for over a week now, waiting to see the market's reaction at resistance levels.

gingersue said...

Don't give up hope. Here in Philadelphia, my beloved Phillies finally came through last year after a 28 year drought.

And my beloved Eagles still havn't won a football championship since 1960, so don't do much complaining out there in Pittsburgh. I was really hoping for an all Pennsylvania Super Bowl this year, but the Eagles defense had a rare bad game against the Cardinals and blew it.

Anonymous said...

you know is always a bad way to start a comment but ya know I'm positioned for a downturn in April due to ultra bad earnings and since it is spring break in Canada, we are going skiing and we will worry about this later. I suggest that you take a break and move (take a break) and we will see you in April! love Earle

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