EDGE TRADER

Thursday, October 20, 2005

Still Parked...


This blog is getting boring, but no one ever got hurt holding cash. The market worked its way further towards the abyss. I do believe at some point this will get overdone, but I am not going to jump in until it is over. Trading ideas at this point focus on avoiding all holdings intraday. The only plays that interest me right now are gap downs with an entry within a few minutes of market close and a sale within 15 minutes of the market open. Entry days for this trade only would occur on overall down days for the market. So there were plenty to consider today. If I was into shorting I would have lots to write about, but alas, I am not.

A huge bellwether for the market tomorrow will be SLB's earnings report. This will either hammer the nail in the coffin of the energy sector, or show the market how silly it's been for selling off energy stocks over the past month. I personally believe that it is the latter, but what it all boils down to is guidance. Since I am a trader not a gambler I will wait to see if any inefficiencies crop up out of this event. That's about the only thing that will make me pounce.

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