Tuesday, January 20, 2009

Back from "exile"

Many of you have been wondering where in the world is DavidDT?

My bad, I have not been around for almost a month and what a month that was...

Truth to be said, last few months of 2008 brought quite a few undeserved and hardly explainable tragedies to my family and all I wanted was for 2008 to end...

But faith is not without irony - on December 30th yet another tragedy... it was just "a little too much" - and I just freaked out. No, I did not try to find an answer "why" - I know life is not fair and not as much logical and not at all controllable - I just got REALLY TIRED AND SAD.

That being said - I plan on resuming regular posting (I hope my interest to blogging will come back) and I thought that there is no day like today to post something.

Here I go...

Today was not a nice day...for the Bulls, who else, I would not care less if it was a good day for Obama - as long as Bush is gone forever - hope lesson learned by American public and next time before voting for someone like Bush you would THINK, THINK REAL HARD.

Back to the markets
First time in a month I was a buyer today, I prematurely bought some XLF March calls, entered /ES long just to get stopped with 6 points loss, kept piling up on long QQQQ, USO, IBM and XLF positions.
Ended today with yet another long /ES position @804
Seems to be a very clearly defined risk/reward for this long trade - bottom of the range (thou a lot of traders really tired of seeing this channel and most likely prepared to surrender to bear's case - not me )
My "buddy" DeMark on daily points to almost completed Buy Setup and on Hourly chart of /ES stop loss is clear - if /ES will not be able to hold 796 (it is 796-802 area)

Hope to write more soon - you all know - I am a big "reversals' fan - when everyone is running for the cover I am that idiot to play chicken with the train.
More later...