EDGE TRADER

Thursday, June 08, 2006

Confounded

I am still confounded by this market, and have been for quite a while. The main step I have implemented is to reduce my position sizing considerably. Yesterday I lost money betting for a retracement that reversed in an ugly way. Today, I played the market much better, selling it during the opening and buying around 11:30 to catch what either is a serious bounce or just another fake out move. I did press my bet with as much as 55% long as of around 1pm, but reduced prior to the close to around 30% long at the close. I think that closing on the highs will at least signify an up open tomorrow, but I wouldn't be surprised in the least to see a close on the lows as traders go into the weekend flat.

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