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Monday, October 3, 2011

Not Much..

...of an update today..Same as yesterday..Looks like market is trying to bounce..However I really doubt it gets much far in this bounce..4900 is a good point to watch..If it gets there..And if it can sustain for atleast 1 hourly close. Till then downside risks remain and risk reward favours shorts. Remember we are trying to build a bottom but until we do so...Sudden downside moves will keep coming in..Atleast until the 5 week low expected in Oct mid and the 80 week low expected in Nov 1st/2nd week.

EDITS:
1. I am covering some shorts here to reduce risk..and also like I mentioned before to sleep well..It removes lot of pressure to book some profits and let the rest ride..And if market does bounce back from here, we can always add back them shorts. Still short in the range of 60% or so. Whatever I booked now are shorts from the 5000 area - so excellent profits also.

2. Not sure anymore..Today's action is quite uninspiring from a bearish perspective. I am reducing shorts even more to just a bare bare minimum(just token position) at around 4840..Earlier shorts were cut at around 4830 and below. For now market is looking strong. I will readd based on market action tomorrow. Going to bed.

3. Gotta love it. Has it topped for today? I am readding shorts again..But in a very phased manner. I want to have shorting power till 4950-5000 or so. So going slow and steady. Started from 4860 NF.

4. Definitely not looking like it wants to hold 4860NF..Added some more when we got there just now..Market not letting me sleep!

5. Stopping out again on the shorts since its sustaining above 4860..Shoulda gone slept lol..Will come back tomorrow fresh!

6. LOL this is too much...As soon as I cut the shorts, market goes down :(
Yeah I got up just for this..Shorting back in slowly on this pullback. Gotta love the market though for the conditioning it does.


Best,
Lee

3 comments:

AD said...

The feeling is mutual here Lee. You very aptly described todays market action "whenever i close the shorts market goes down". Nothing can drive one nuts the way the market does and i simply love this thing about it :)

Lee said...

Gotta love it. The main aim probably the only aim of the market is to separate you from your money. Today was a fantastic example....Was short from 5000..Did not like the morning action. Started covering from 4830 till 4845 or so..Then waited..Shorted and stopped again..Then decided market is not going down today and went and slept..By some chance I got up in b/w and was stunned to see that move..Was a great move to be short on..Nuts..On the later afternoon pullback I added some more shorts...But I dont know if it was a wise move or not..But still yesterdays highs are going to be stiff resistance going forward.

It happens..things like this..Cant think too much about it..Its just a profit making chance we missed..Did not lose any money and infact did also make a good chunk of money from 5000 to 4850 odd.

Moving on now!

Best,
Lee

Sachin said...

Lee,

Are you tracking any particular stock? I mean any Nifty or mid cap stock on time basis?