Thursday, April 15, 2010

State of the Market - 4/15/10

Not much to say today - another positive session as stocks started lower but once again did not sell off with any sort of gusto and closed (once again) near their highs for the session.   We are quite extended but it hasn't mattered for a while now so why should it matter now?

I am going out with my family tonight so this won't be a very long summary.  I mentioned yesterday how I was going against my rule of selling before earnings because I had a slight cushion in NEP.  Well, that was a disaster, as it gapped down pre-market after delaying its report and I exited right there at $8.87 for a 6% loss.   I only made one other trade today, playing the breakout of CTDC at $3.19.   It moved as high as $3.45, but in a five minute period this afternoon, it dropped 6% and my stop was hit at $3.16 after I moved it near breakeven.   You'll have that with very thin stocks like this one - they can move up fast but also fall just as fast.

Right now I really have to look at the stocks I am selecting for my regular account, because I have been much more successful in my IRAs this year than my trading account.   I won't be trading much tomorrow due to family outings, but I need to take some time to really refine my selections and stay away from some of these lower-priced stocks that are really frustrating me right now.

Good luck tomorrow - there are a few stocks I am watching but not that many right now with the market extended.   Take care.


Jason said...

Great post Mac, shows the process of change. Get back to higher priced liquid stocks.

Steve-o said...

I like an average daily volume of at least 250k. Stocks like CTDC sure can run but they can also be a rip-off to a smaller trader IMO.

Thanks for your work on the blog.