The market moved higher today led by the technology sector. Technology heavy weights such as RIMM, APPL and MSFT all moved higher significantly. Due to their mega-market caps, a 3-5% move is huge. One reason that the market moved up today is that people were betting that Google would give good numbers. Google’s numbers are out. The market’s reaction is kind of tepid as we can see from the price action after the market hours.
It was another boring day for me. I am kind of flat after 2 trades. I went long on FAZ and shorted GS as you can see from my portfolio. I was on the wrong side of the fence today. But I managed to stay flat, which is very important. My monthly goal is that I have 3-4 solid trades a month and the others cancel each other. Therefore, a good number of my trades will either be closed without hitting their targets or at a small loss.
Poor FAZ has almost become a penny stock. It was over 100 in March. Relaxing of the mark to market accounting method killed our beloved FAZ. Now the crooks at those banks can write whatever value they think their rotting assets are worth. You and I are not going to fight them because we will not win. Instead, we will join them to take the path of the least resistance. SRS has bee experiencing the death spiral too. We will have to face a possible reality that they might never return to half of what they used to be. These fallen soldiers deserve a proper burial. They might be resurrected in the future and rumble on the Wall Street again. But for now, may they rest in peace.
I will be day trading them only
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