After seven green days in a row, the S&P 500 took a well deserved break (not the Dow mind you, this one still squeaked a 3 point gain). The bears tried taking the S&P under the key 1,550 level, but were rejected and a late afternoon rally erased most of the day’s losses.
So, even on a red day, this market is not giving up much, which is a testament to its continued strength.
This was a blah (or “meh” for those of you who prefer this term instead) day for us. There were several decent momentum opportunities we identified early on (NTE, NUGT, LLEN, BIOS), but most of them fizzled after the market lost its footing.
We had several good mid-day trades when we switched to the short side (SINA short, TZA, UVXY, SSYS short) and made profit on all of them. Unfortunately, we could have kept stops tighter on final tranches/pieces of TZA, UVXY, and SSYS short. Doing so would have allowed us to keep a bigger portion of gains in each during the market’s late day rally.
The worst trades of the day were in AAPL. We attempted three long trades in quick succession. We managed to take one profitable piece on the first one but were stopped out for losses in the rest.
Had we traded the shorts better and avoided getting sucked into AAPL longs, this could have been a ~+2 point / +1% day but hindsight, as they say, is 20/20. Overall, we don’t really have a legitimate reason to complain, especially when we compare our performance today to that of the market indices.
March 12, 2013: +0.70 points / +0.54%
- Number of trades: 13
- Green trades: 9
- Biggest point winner: +0.60 (AAPL)
- Biggest point loser: -0.66 (AAPL)
- Biggest % winner: +2.58% (NUGT)
- Biggest % loser: -1.87% (LLEN)
For more detail on today’s trades, please see attached trading log.