http://www.stockrake.com

Let me start out by saying today did not go the way I thought it would. SPX broke 904 area and broke and closed below 21d emas. So now this market is at a decision point. Is the SPX going to rally and close back above the 904 level or will go down and test the next level of 872? I gotta go with what the chart says and it says 872 is the next stop.

The orange line in the chart below is 872 and the red line is 845. Like I said, bullish above 904, bearish below it.

Outside of losing 8% in the RUT today and 4.6% in the NDX, I made money doing my intraday trades. I cashed out of my index longs because of that break. In the past I might have hung on – Not now.

I posted my holdings last night: DRYS, TBSI, EXM, YGE, SOLF, CBI, Short QID, JRCC, and CPST.

Now CPST and JRCC were trades I was holding for different reasons other than a day trade. Those reasons may be reevaluated now. Well this morning the trades that I bought for today ripped and I took those gains on the open.

I shorted QID @ 53.48 and covered @ 53.38 for 0% gain
Bought DRYS @ 14.59 and sold @ 16.75 for a 15% gain
Bought CBI @ 11.68 and sold @ 12.69 (mistake) but good for 8.6% gain
Bought TBSI @ 11.95 and sold @ 12.71 for a 6.3% gain
Bought CSIQ @ 6.87 and sold @ 6.98 for a 1.6% gain
Bought SOLF @ 5.72 and sold @ 5.9 for a 3.1% gain

Now those are the highlights. The low lights are that I over traded today and whittled down my gains from 9:30 which were large with lots of little cheap stocks looking for a rally into the close EVEN though my signals were RED and got chopped up still managing a gain at the end of the day, but nothing like what it was. I have to just chill. This is a problem I have to work on to better my trading. Get more mechanical, get back into the zone.

I’ll show some charts of trades I didn’t make. I saw these charts and had every opportunity to get in, but I had a mental bias that we would rally today and it had a large opportunity cost.

The SPX was on a sell, but I had a bias that we would rally.

FAZ on the open looking good

TZA on the open is a buy

SRS lovers will enjoy

So I got none of these trades, but these are the same signals I’m using to capture the gains in stocks like DRYS, CBI, APWR, SOL, PALM etc. over the last couple of weeks. My account that I started 9 trading sessions ago just to trade these signals/charts has garnered a 44% gain since then. I missed out completely on today’s action and I am hard on myself because I look to improve everyday.

I did buy APWR near the close and its the only one I have in this particular account, it is on buy and I’m in @ 4.91.
I own in other accounts: CPST, JRCC, SOL (which I forgot to sell), and YGE.

I’ll be looking for new setups tonight and over the weekend and will post my findings when I find them.

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