A 300 point rally out of nowhere in the markets???

If you were wondering what a gap and go setup looks like you got one of the most extreme I have seen in a long time yesterday. It was a thing of beauty of you were long and a pure nightmare if you were short.

I had anticipated a gap and go yesterday and got long several stocks that I let go of before the close for a nice gain for the day. That is my strategy until I get the ok sign from my nasdaq sp500 indicator which is very close to triggering long this week. Its not there yet but it would not take much to get the signal.

Today we are looking at a gap down of about 1/3% 45 min before the open. I will be looking for short setups today if there are any around:) In addition, if the market closes strong I am going to most likely start another mean reversion trade to the short side. So far my short term trading has done very well as February was a very good month for my trades despite taking a large loss on one overnight trade.

But that is trading. And if you do not keep detailed records that you can go back and figure out what is working and what is not then you are just fooling yourself. Its like poker players that start out keeping detailed spreadsheets for every play, every game, every limit. These sheets not only give you your standard deviation but do it comparatively on however you want to break it down. I did that for 11 years religiously! But many of my cohorts after a losing streak tore up the spreadsheets never to start them again. Nothing like gamblers:)

As you can see I am in a good mood this morning after a 4-1 day on sport plays Tuesday for +3.20 units. More on that a bit later!

Good Luck Today in the markets

RickJ

Rickjs Handicapping Picks

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