This is why I said last night I was not recommending taking on any new trades today. Had I entered a new swing trade this morning on what was looking like a bounce quickly faded back down to a loss. Today is not the kind of day for entering a new swing trade. Volatility is really up there again this morning and best to sit one out and just guard what trades are already open.
I will be selling WDC before the end of the day to avoid a potential loss when they report earnings. WDC could report good numbers but I am seeing way too much "sell the news" now with the market being questionable. People are taking the gains of a good earnings report and cashing out on the spike. WDC is a gain in the RebelTrader portfolio and I want to keep it that way. Can always come back in at a later date if it presents itself as another swing opportunity.
Wednesday, July 25, 2007
Early Market Gains fade to a loss
Posted by Fp80 at 7/25/2007 11:37:00 AM
Labels: Market update, WDC
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2 Comments:
I enjoy going to your Blog everyday a couple times a day for your comments on the market. Yesterday I was stopped out of WDC but still ended with a 17.5 % gain. I will be watching for your recommendation for future trades. Thanks again.
Michael
PS I am cautious about entering any trades today but will be watching for entry into SONS if it breaks 8.65
Thank you Michael. good job on the WDC trade!
I like SONS and will probably scale into it when the time is right.
Good trading and thank you for joining RebelTraders!
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