It was another flat day, during which whipsaws were all over the place. I have never had problems cutting losers. My ability to ride winners is improving too. But whipsaw is another huge issue I need to overcome.
I woke up this morning as usual and the first thing I did was to check the Futures market, which pointed lower. Therefore, I was a bit biased toward the bear side. Next, I looked at my watch list and found most of the energy stocks were red. So the energy sector was on my hit list. Due to my limited firepower, I need to concentrate all my resources on the weakest/strongest sector. Do not waste any energy looking at stocks like MSFT, WMT that move like a 90 year old turtle. I think some turtles can live for a few hundreds years. Anyway, you get the idea.
So I kept hitting WLT and HES. By noon, I was down 200+ due to the crazy whipsaws. It was the same in the afternoon. Due to a string of losers in the AM, I was happy to break even by the close. But I did not recover the losses. It is normally my siesta time from 12 to 2. In today’s case, I missed a good move in HES during that time. I would have broken even if the move had occurred after 2. See the chart below
Click the chart to have a better view
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