Followup on QQQQ: Now THERE’S Some Follow-through!
I want to talk about stocks, but first:
(You know I gotta do that.)
My daytrade short of the Qs, held overnight (see last post) has turned into a screaming swing trade:
Best range and volume since our little Feb-Mar adventure, no?
To quote the famous movie- dude… sweet…
Deep in the money is the nicest place to be, but also the scariest. This is where nerves can get frazzled and we can panic-sell (or panic-cover, as the case may be) out of fear. We traders know that the fear of losing a gain trumps the fear of taking a loss- we’re much more familiar with the feeling of taking a loss. Oh yeah, another loss, Zzzzzz…
So, in this fortunate position, it is more important than ever to stick to our plan, our method, our rules.
The method that got me short on this one has me looking at two buy-stops to cover: first, on an extension of the selling down to about 45.20 (oh please, oh please); otherwise, on a rebound to 46.60, at which point I may actually flip and go long, depending on the day’s action.
That’s it. Nothing to do now but wait and watch. Cheers.