EDGE TRADER

Monday, August 22, 2005

Aftermath


I am really starting to get tempted to start picking through the rubble left by the market over the past few trading days. Bargains abound. My only concern is whether the slide could continue. The market seems to be bound by Fed meetings and at the whim of oil prices. Lots of volatility leading up to and after the inevitable rate hike with no signal to an end in sight. The minutes from the Fed meeting next Tuesday would be an opportune time to do some signaling if one were Mr. Greenspan. Having that looming over the market's head makes me bit too nervous at this point to start picking through the rubble just yet.

I am finding few candidates for overnight swing trades. I have increasingly looked towards intraday trades to earn a little income, but this is not my specialty, so I am not having much success yet. I've been making good calls on which securities will provide a solid trade, but I'm having issues making a solid entry. Sometimes I've missed my window, other times, I've chased the market with my limit orders and ended up getting stopped out. I am basically doing my best to excercise restraint and not force trades, as well as hone my intraday trading techniques. (Of course the devil on my shoulder is telling me to trust my rules and go for it)

My wife and I have taken steps to fill my spare time by purchasing a new home and getting our current home ready to go on the market. I am in the process of buying into the so-called housing bubble. I will write about the housing bubble in a future post. I am an expert on the real estate market in my day job and have some intelligent thoughts on the subject. For now I don't want to get started...

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