Bizzare market action toeay

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ancona

ancona

Praying Mantis
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I have been watching the DOW all day today. By about ten this morning, over a hundred mm shares had already changed hands. That represents some hefty block selling by an as of yet unknown entity. Now, at 1:30, the dow is falling and sits at +86, but some major components are well down, including AAPL and BAC, which is approaching a 3% loss on the session. I have also been watching GRPN plunge for a while now. At the current rate of fall, it will lose the eleven handle sometiome Monday or Tuesday, just as BAC will lose the eight handle if momentum doesn't change soon.

All in all, the market feels toppy and overbought and seems to be waiting for "something". :popcorn:
 
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GRPN now off 3% with BAC down an even 4% This is truly a fucked up market by any metric you care to use.
 
ancona said:
GRPN now off 3% with BAC down an even 4% This is truly a fucked up market by any metric you care to use.
Click to expand...

And people wonder why my stock market "investing" consists of getting the 100% company 401k match, changing jobs after it vests, immediately cashing out the 401k despite the tax bite, and buy more metals :rotflmbo:
 
The metals don't look well either. Unchanged for several days now, despite all the USD weakness. That's certainly not a good sign. They're either bottoming out here or were up for a major downside move.
:popcorn:
Only palladium looks ok.
 
It's not over yet...but I'm just closing out (almost) every trade I can, green. I might miss something cool over the weekend but sometimes the risk adjusted reward isn't worth it, and I'm not desperate enough to need the risk. Next week is another week.
 
DCFusor said:
It's not over yet...but I'm just closing out (almost) every trade I can, green. I might miss something cool over the weekend but sometimes the risk adjusted reward isn't worth it, and I'm not desperate enough to need the risk. Next week is another week.
Click to expand...

Assuming you do not pay a traditional broker, what platform do you trade on?
 
I use TD Ameritrade. Been working with them a few years now. They have some limitations (pretty much US hours/markets only) but very trouble free. Extremely nice trade execution, low fees, cheap margin (which I almost never use explicitly, it gets hit for short times during day trading due to slow cash sweep and settlements - so short I pay no interest at all on it).

Actually I recently gave into a cold caller (!) and now have a traditional broker too, but that's kind of "diversification". He likes playing small, illiquid stocks - and has doubled the pittance I gave him to work with in the last month, playing VRNGO. Now he wants to play JVA...I didn't give him danger money to work with. Believe me, he earned my (small) account I have with him, he really did the homework. I told him every time he doubles, I'll double it again, so he's psyched. The guy reminds me of Ken Polcari (you see Ken on Bloomberg all the time - his recipes are worth checking out too). If you want a "feel for the tape", Ken's the man.
 
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