AMC 290507

From Briefing.com:

DJIA 13,521.34 +14.06 NASDAQ 2,572.06 +14.87 S&P500 1,518.11 +2.38

Strong: residential REITs; diversified REITs; retail REITs; industrial REITs; office REITs; tires & rubber; specialty REITs; brewers; health care tech; diversified metals & mining
Weak: health care supplies; airlines; specialty stores; aluminum; refiners; oil & gas equipment; integrated oil; autos; building products; industrial gases

MOVING THE MARKET:

• M&A: RBS Group sweetens bud for ABN Amro to $95.5 bln; Archstone-Smith being bought for $22 bln (incl. debt); Alcan is reportedly drawing interest from Rio Tinto and Norsk-Hydro; Avaya and CDW rumored as takeover targets
• Oil prices fell 3.1% to $63.17/bbl as more refining capacity comes on line and strike ends in Nigeria
• Consumser confidence rebounded in May

• China triples stamp tax to 0.3% on securities trading to clamp down on overheated market

Commentary:
It was a choppy night; the Dow went up during the first half of the day, coming down at noon, then came back towards the end of the day with a 14.06 points increase. Tonight there might be a sell-off, as always before FOMC.

Dow Jones Industrial Index
Closed at 13,521.34
1st intraday resistance: 13,533.93
Missed by +12 :p
0.089%

Intraday high: 13,603.26
5 day interday high(resistance): 13,624.56
Missed by -21 :(
0.15%

Direction UP

NASDAQ Composite Index
Closed at 2,572.06
1st intraday resistance: 2,569
Missed by -3
0.117%

Intraday high: 2,576.36
2nd intraday resistance: 2,580
Missed by +4 :(
0.155%

Direction UP

S&P500 Index
Closed at 1,518.11
1st intraday resistance: 1,517
Missed by -1
0.066%

Intraday high: 1,521.80
2nd intraday resistance: 1,523
Missed by +2 :(
0.132%

Direction UP

It was a rough night, I lost alot of money on SHLD because I broke the rule that I always break: yesterday was not a day after consolidation. But I saw the gap up which did not close in 30 or 60 minutes, and therefore it was my excuse to get into the trade. However, poor readings of studies and wrong entries were my mistakes. I was looking for an intraday trade when the market suddenly turns down at noon. Damn.

Confidence level was also one of the most important reason why I hesitated. I didn't know the stock well and the studies don't always tell you a good story. Throughout the day, they were mixed, so was the market. It was a hell of a volatile night with the $TICK jumping up and down from 0 to 1300 at one point. Crap...it wasn't a day for intraday trades. I've learnt my lesson.

Closing Price Accuracy (over the last 1 days)
DOW JONES : 0.089/1 = 0.089% off (99.911%)
NASDAQ : 0.117/1 = 0.117% off (99.883%)
S&P 500 : 0.066/1 = 0.066% off (99.934%)

Directional Correctness:
1/1 (100%)