Yesterday, DOW went up over 280 points. This early morning, it gave up more than 100 points. But now, it turns green. From 12:00 to now, it is on the side way and waiting for the fed meeting statement out around 2:15 pm.
I recall it is the similar action in March after the sell-out. From Technical point of view, I believe yesterday's rally was the follow through of 8/1/07 first rally in the downward channel. Both of yesterday and 8/1/07 rally's Dow volume were around 5B, more than any down daily volume. I think that the market is on the uptrend channel. Fed meeting statement announcement will just interrupt the trend a little bit. After the statement out around 2:15 pm, it will be a brief down and a brief up (in no real order), then continues on its original course.
I unloaded CSCO this morning as I think it might be a repeat of INTC, which was not a good quarter. I am trying to dip buy a little bit of home builder (HOV). I think that BZH and HOV are good buy at current price.
Here was my operation from 2:10 - 2:30 pm.
1. Entered buy order for HOV at the current day low $11.30;
2. Sold 300 QLD at current market price $95.60;
After the news out,
1. Bought back 200 QLD at $94.57
2. Bought 200 VSEA at $50.21
Here are some issues:
0. First, the market move. It went up a little bit right after the news, then dropped 100 points in Dow, went back on to -20 points level, then dropped again over 100 points. Now it is climbing back on.
1. The QLD moved higher right after I sold, but within 1 minute, it dropped like crazy.
2. The waiting period for re-entery should be longer. It did re-test its low.
3. QLD order should be in smaller slot.
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