MEDX - Short
What's up with the huge fall after the cut? I don't get it... wasn't the cut (and the amount) expected? Anyway... I was hoping to catch some moves in the PM but it doesn't look like that's gonna happen. Made one trade today in MEDX short on a break of the 9th bar low. The 8th bar was a spinning top and looked like price might reverse from there. But the 9th was an inside bar and finished very weak. I implemented the 2R rule and covered at around 10:50. Let's hope tomorrow provides some serious volume and nice moves.
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The market kind of went up on low volume with expecations of a Santa Claus/Year end rally and I think more people were expecting a 50% rate cut than will admit to it. Then there's always the language people "weren't happy with."
I had small moves in CE & GTS. I ended up closing them out before the fed. I was stopped out on KR (5m).
notice the financials plummeted after the decision - I could not believe people seriously expected a half point rate cut. I knew that would not happen based on prior statements. In fact I was in a short that seemed to drift on those hopes and I finally made money after the announcement.
Awesome Tom. I picked up some TWM (IWM Ultrashort), just before the FOMC announcement with a mouse pointer hovering over market order ready to go in case we got that 50 pt rate cut.
FED Day = spectator. nice trading guys
Dave,
Nice with TWM. I didn't even think of it. Brokers sold off at the open reversed at 11:30 or so until the FOMC and reversed again. Gaps are nice but....LEH had a $10 r/t. Shorted NCS- KR- GNW+. I then looked at up the 12 prmkt >$1 gap dn >$12 <100 and narrowed it down to the top 4 high priced except solars, foreign. Of the remaining 8I came up with arth(-9/5 -6/10 -4/15) pcc(rev) ncs(-4/5 -8/10 -6/15) sigm(-4/5 -2/10).I put them on 5"/15" charts and observe. The other 4 are secondary. There might be better charts, but this keeps me focused on the primary 4 looking for opportunities that I'd miss scrolling thru charts over and over again which I find is very unproductive for me esp with gap ups as there are so many. There's bound to be a good set up in 4-8 charts. One could do this with any volatil group. I'll see what happens Wed.
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