Being long. Not listening to noise. I went on a little tirade yesterday about noise and how it affects trading. From alot of what I was reading, people were expecting fire and brimstone today and for the market to drop, not breakout to new highs. I was very confident this wasn’t the case. If they weren’t expecting the worst they were extremely scared about which way the market would go. Everyone knew it would be a big day though regardless.

“On this day I’m reading blogs, noise that comes through email, and I can’t stand it. The bears always sound like they have the smart reasons for why the market should be done moving higher, but they are consistently wrong. They’ve been wrong when they thought on Fed Day September 18th, the market would simply melt into a full blown crash.”

They were wrong today as well. Its always some reason. Some of the top excuses, I come across when the market doesn’t go the way of the bear:

1. The PPT - The Plunge Protection Team

2. The market is manipulated

3. China is going sell all our dollars and buy gold - Its doomsday (everyday).

4. The housing market is going to drop like a bucket and nobody will ever spend a dollar again and we will see the second coming of the Great Depression.

What are some of the market excuses you’ve heard?

Even if you love to talk about all the reasons in the world of why the market is doing this or that and its against your position, you will be much better off ignoring all that garbage and just trading with blinders on.

I had all my cash loaded into the index funds and fully invested in stocks. The only thing I didn’t have was index calls or etf calls - that I’m sorry for because the gains were tremendous.

I normally don’t get into it here, but I just hate having to defend market direction when there is nothing saying we’ve topped. I talked about how I missed CROX over at Howard Lindzon’s the other day in response to his “noise” post. I despise noise. Its an opportunity killer. I know that I had CROX and I know I had no reason to sell, but noise got the best of me. Lessons learned.

Shorts got slaughtered today - plain and simple. If you were short today, I’d like to know what put you in that position.

Back to What Worked Today.

ABAT - Continues to ramp up in anticipation of the move over to the AMEX from the bulletin board. Up 92% from my buy point.

HSVLY - Have I mentioned this stock before? Up 20%, new 52 week high again, pumps a 5.5% dividend and has a PE of 8, its in New Zealand, and its a metals stock. What more can you ask for?

HCN - I caught the bottom on this Health REIT.

GIGM - A quick 7% since the buy earlier this week.

NDAQ - Had a nice day up 3.5%+ bringing up my gain to 18%.

QTM - New 52 week high on excellent volume. Up 14% since my buy and double up positions on it today in some accounts.

AZK - New closing high. New all time high. Up 14% since buy.

Have a good weekend everybody - even the bears.

Tags: abat, azk, breakout, buy_gold, China Stocks, crox, etf, Exchange Stocks, gigm, great_depression, hcn, Health Care Stocks, housing_market, hsvly, index_funds, market_direction, Mining Stocks, Nasdaq, ndaq, ndx, plunge_protection_team, qtm, rut, Tech Stocks, What Worked Today