I may have underestimated the strength of POMO, but given the same scenario I would have got short given what my charts are saying 10 times out of 10. I’ll continue to hold until my signal reverses, which won’t be until Thursday, after the close, at the earliest.

On the long side energy and uranium look very appealing and I’ll be looking to get long some of these stocks over the coming days to hedge my shorts. The problem is when the market gaps up like it did it makes it difficult to initiate new positions as I’m not a fan of chasing stocks.

[ad#ad-1]

Why is gold not going higher with all the turmoil in Egypt?

10 Responses to “So I Guess Egypt Was a Red Herring?”

  1. abdul Says:

    I am surprised by the market strenght. Look like investors have no where to put their money after gold. Sentiment wise, the market is pushing up but first I like to see the market correct properly and that would be healthy too. Patience and more patience.

  2. So I Guess Egypt Was a Red Herring? | moblewar Says:

    […] On the long side energy and uranium look very appealing and I’ll be looking to get long some of these stocks over the coming days to hedge my shorts. The problem is when the market gaps up like it did it makes it difficult to … [visit site to read more] […]

  3. Ken Says:

    I totally agree, yesterday’s gap up was completely out of left field. Luckily I’m mostly a day trader, so came in flat, but with the big volume sell off on Friday closing on the lows, followed by mostly rest on Monday, I felt like we were setting up to move lower.

    I’ve enjoyed reading your blog for a while now, keep up the good work!

    Ken

  4. jeff pierce Says:

    thx Ken for your kind words. just started following you on twitter and look forward to your insight.

  5. Dr659 Says:

    Dont look now , But you may have guessed wrong

  6. jeff pierce Says:

    hey dr659, no guessing involved.

  7. Jack Damn Says:

    I was quite surprised by the recent market strength as well. Didn’t expect such a quick back fill. I am constantly underestimating this market.

  8. jeff pierce Says:

    I believe this quote from the recent book review by Stephen Burns summarizes this underestimation

    be warned the market uses maximum adversity at all times, so the majority of traders lose long term.

  9. brian Says:

    great comments on sticking with your system. i also like the comments on chasing. the risk reward for getting long now if you are not a day trader is not very good. you may have a couple more up days but odds point to a decent correction very soon. i have had to sit out on these gains for a while now but in the end its the right thing to do. i am new to the blog. you sure sound like a zentrader. very calm regardless of conditions or positions. def some serious experience. thanks for sharing and look foward to more.

  10. jeff pierce Says:

    Hey Brian,

    Now the tricky part is whether my system flops back to long before we get that “decent correction”. It doesn’t matter to me which way the market goes, I’m not a perma bear and want to see this market correct. I just think it would be healthy for a pullback, but it doesn’t really care what I think. lol

Leave a Reply

You must be logged in to post a comment.