Man am I tired of this challenging market tape we have on hands. Ideas are right, but as we all know its the entries that matter. A lot of stocks that I have been wanting to short like $ANR, $PCX, and $FCX were looking ripe for a short today and were very much so. However, from this wild back and fourth action we had, many of these names sold a bit on the open, ran up, and then rolled over during the midday to close on lows near the end of the day. The problem was that they beat me up so much in the a.m trying to short them early, that they taught me a valuable lesson that I am still trying to get better at. Patience!! Patience is key in this game and you can have the right idea but still get the trade wrong for not being patient and then getting squeezed out before the stock moves in the direction you planned. Looking over the today's market at the close( I was done by 12pm thanks to getting knocked out earlier), I see many of these stocks very well closed weak like I expected. The market also did a reversal from the highs and now we are faced with two channels that I have outlined that could be possible scenarios. We all know the upward bear channel one that we have been watching, but what about this downward sloping channel. Only time will tell and a lot of stocks are starting to look weak under the pretty surface that the charts are trying to print... Have a goodnight and will catch you all in the war room tomorrow.
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