How come no one told me the market opened???
Adam Brodsky is writing today's trading diary
It appears that the NDX has broken out of its recent range and could be heading to test its 52-week high. The SPX and Dow are acting well too, but the strength is mainly contained to the NDX.
The SOX (Philly semi), DOT (internet), and BTK (Biotech) appear to be leading the way. I have been discussing this breakout in the NDX for a few days and it appears we are getting it now. Again, with the light volume I am trading very, very lightly and my stops are tight.
I keep scanning my screens and charts for new, fresh ideas and the best idea I have come up with is what to eat for lunch! I mean this is nothing short of torture! As I sit here I feel like I am back in high school where I used to watch not the minutes, but the seconds tick away in the classes I thought were boring.
These thin days are really tough to trade. I often buy breakouts that fail and vice-versa. In my opinion, the only people trading right now are other technically based traders. We are all sitting around and trying to squeeze a few bucks out of the last week of the year. Doesn't exactly make for the best and easiest trading environment.
The positions I have on are actively being traded but as far as new entries go, I am being extremely cautious and at the first sign of a trade going against me I will be running for the hills (maybe quite literally, I hear Colorado has a ton of snow already!)
Hope your day is pleasant and talk to you in a few!
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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