Wednesday we went 1-1 on our plays winning with Mississippi State +10.5 in college hoops and losing with Charlotte +8 in the NBA. We had one setup and it was an easy winner on the Clippers Under 214 in the NBA as they only scored 168!
I have been working on these NBA totals since I received several emails showing an interest. I had put it on the back burner for awhile but that got me motivated to dig into my yearly archives and go through my research and get everything reprogrammed into my new software. That is not an easy job. But it’s finally done. So I have worked out several routines that has shown promise and still working on them. But I am slowly coming up with setups on these. More should be coming as I get more of my research updated into my programs along with getting the software set up in the right manner to get the appropriate variables updated each day that I need.
It is something I think we can look forward to.
Also, we have a few problems over the last few days with twitter delivering the messages in a timely manner. There have not been a lot of occurrences but in my mind only 1 is too much. With that in mind if there is an interest I can also Group SMS the plays and setups but will need your phone numbers and cell phone provider.
Just send me an email if you are interested in this as a backup. I can then get started setting it up. Or if anyone has any other suggestions for a backup communication I am open to it. Although I want to stay away from emails if possible.
Our College hoop plays although there have not been many over the last few days have been very solid. We are again threatening to hit the 60% market for the season as we are right at 59% on 177 plays. That is a pretty solid number. And top add to it our NHL plays are now + 15 units for the season! Not a bad combination:)
We have the NCAA Tournament coming up and now is a good time to join us for March Madness! It should be an exciting time for handicapping and wagering. I am looking forward to it. To join us subscribe with the PayPal button on the upper right and I will add you to our private twitter feed. Hope to see you on board.
Good Luck Tonight
I have to admit the 300 point sudden rally even took me by surprise yesterday. We started out with almost a 1% gap down. The out of the blue we get a monster rally into the close. If you were short and decided to give it another day or two my condolences!
I had put on a short in the banking sector and jettisoned that about 45 min into the day. If you are making short term trades either long or short and you get a large gap up its time to seriously consider taking profits or, at least, partial profits. Even if your an intermediate-term swing trader it is not a bad idea to lighten up on a large gap.
So where are we this morning after the Monster rally? We touched the 10 day MA yesterday on the gap down and now we are about ready again to touch the 50 day MA on this move up. That is significant in that my plan is to trade a false break of the 50 day MA either when it crosses back down below it or a mean reversion trade perhaps a 50/50 scale. The first when it’s overbought and the 2nd when it breaks below. I have not decided yet of course:)
My indicator I use next for market direction is the weekly Nasdaq sp500 relative strength. That indicator is looking the best it has this year however with only 2 days left in the week even with a rally from here it may not trigger this week. That indicator is the signal for me to start trading the long side more aggressively. Historically its been about as good as you can get.
An interesting note this morning is that Bullard gave us a gratuitous comment that he feels the stock market is now at fair value! This is a bit concerning as it implies the Fed sees as one of its jobs to make sure the stock market stays in what it decides is fair value rather then letting market forces work things out. We all know what happens when the human element gets involved. I doubt it will be any different here.
So just like that, they have wiped out fortunes based upon their whim that the market is overvalued. Nice job. It just keeps getting weirder every day. Ok I am going to stop there this morning before I go on a rampage:) Not good to get my blood pressure up at 68!
My plan today is look for my 50 day MA trade and also perhaps find a very short term day trade. So far those have worked out well for me.
If you want to follow my trading ideas my private twitter feed is not subscription based. It is gratis. Just follow @rickjswings and I will add you to the private feed.
Good luck trading today.