- Posted by Frank Zorrilla
- on October 1st, 2013
I don’t talk much about the indices in these here pages just because there isn’t something significant to say about them everyday. I much rather write about what is happening underneath to give me a clearer picture. With the market gaping down yesterday, rebounding and then closing near the lows we were still had;
- More stocks up 4% than down 4%,
- We had 2073 stocks up from the open compared to 786 down from the open
- We had almost an even amount of stocks up a $1 with those down $1
- So what might had seem like a really bad day in the morning in reality did not turn out to be so bad, a whole lot bark and no bite as of now.
- What I’m seeing right now is a whole lot of stalling action that could turn out to be negative if the selling trickles down to the Nasdaq and Russell names.
Today have 34 names on my watch-list, I will be extremely selective just because I don’t want to be whipsaw on breaking news based on rumors that move the market up or down 100 points. The key is to keep what you make in the market and realize when it is best to take a step back and when it is best to push the pedal to the metal.
These are what I consider very tight set ups that will trigger if they break yesterday’s high. On a regular trading day I would indiscriminately take every trigger because you just don’t know which one will be the big winner, you might have an idea but in the end you don’t know.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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