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I’m still 100% cash. When you’re sitting in cash, you almost enjoy seeing the market go down. A market does not go down forever. But that decline sows the seeds of new stocks to emerge and become ripe for picking.
I was kicking myself yesterday and today I'm breathing a sigh of relief. ESMC has been a stock I have watched with anguish. I saw in ESMC a lost opportunity a few weeks ago.
In the recent market fall, ESMC dropped 38% in five days. I thought it was dead. But yesterday I saw it was up 17% for the day. I looked at my 30-minute intraday chart and saw a trade I could have made and would have had a tidy 10% profit in 24 hours.
Then I looked at the chart again today and say a different story. ESMC gapped down this morning. Had I put a buy order in on Tuesday night, I would have had a 10% profit Wednesday night. Today I would have been stopped out with a zero profit.
Perhaps this market is a tad too volatile for someone that’s not a day trader.
Posted by Ted at March 18, 2004 7:49 PM