Monday, March 3, 2008

Lucky the market tanked on Leap Day, personally in the black for Feb

Fortunately, historical precedent held as Feb 29 is a down day. What we didn't expect was the 3% down day turning our big TWM position to green and finishing the month up $330 or .16%.

Now that the position has turned green, put an auto stop around 82.90 so that we don't look completely deerish.

The real movers in the prior week were a casy play and the metals:

casy play EOG finally got a move on, up 21 points last week and up another 3 today, (just like Livermore said, the $100 price point, key psychological point)

ATLS up 10 points over two weeks, and where was I, yes early on index shorts before getting lucky.

SLV up to 196. It's up another 4 today, so my timely coworker cost me 30+ points.

KGC up to 25. Wouldn't have caught it but a heck of a move.

MTL to 137. Your bread and butter cup and handle. It's a missed trade.

Now on the downside, FWLT, they reported earnings last week and got crushed 10 points. When a former high flier has that type of reaction, either new leaders emerge or the market is in trouble. So far its looking the latter, which ironically, is good for me.

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