(Originally Posted Friday March 31, 2006 @ 11:28) Seconds ago I was profitably stopped out of my beautiful short position put on at 11205 when the electronic Mini Dow Jones finally fell through support around 13:15.
There was considerable range down to 11170 but it sure didn’t stay there long. Perhaps one tick. I just kept tightening up that stop as the position developed. It’s been a long week of stand-by for me. I don’t like to trade on days when the FMOC makes it’s interest rate announcements. This week the sell-off was so dramatic after the new Federal Reserve Chairman addressed the committee I’ve been suffering from the “Missed the Move BLUES” for the rest of the week.
I really hate to sit through those equity building moves. But that’s said in hindsight. As usual the move down was so severe and rapid there was just no where for a trader like me to get on board. And the reason to stay out on those FMOC Tuesdays is the move could have been the other direction just as easily. The sell off is more of an unwinding I believe of long positions. The rest of the week illustrates that as no new shorts have entered. It’s just a back and forth range of indecision. I think we’ll be range bound trading the support and resistance the rest of the day now. We’ll see.