The Wrap 11/1/11


S&P gap down today
S&P gap down today

When we have stops and the market gaps down through those stops  (it happens sometimes and it has been happening more because of this headline market) you have a decision to make. You can take the stop right at the open or let it trade for a while.

If you have been a subscriber to the blog you know I rarely react in the first 30 minutes to an hour, lately it has been closer to an hour because of the violent and overdone market openings we have been experiencing.

Today (I emailed you guys), that I was holding some of these longs and sent you my new stops and the reason why. It’s not always the right call, but this is how I traded it.

The market has gone from very overbought to very oversold in a matter of days, so we will see if we get a turnaround tomorrow. It all about Greece now the dollar and the Euro.

I will start the November P&L tomorrow, having problems with MSFT Word tonight. I will carry over today’s trades tomorrow.

Hang in there. I blame Greece.




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