Thursday, February 11, 2010

Strong commodity performance pushed market higher

Today the market rallied on news that the EU will bailout Greece but details of a packaged were not outline. I've been waiting for today's move since last week to load up on some technology and commodity stocks. However, today i froze and didn't pull the trigger on some of the names i wanted to buy. Take a look at the chart which is showing some of the names i wanted to buy early in the morning but decided to stay away.

I wanted to buy stocks on a pull back in Early morning, before 10am. However BUCY CLF and FCX did not pull back significantly enough for me to get a good entry level for my comfort. From the chart it looks like the stocks were being accumulated right after the open. The only name i could have taken a position but didn't was the long tech etf TYH. Fear of loosing money and being wrong was clouding my decision to buy and therefore i stayed away from the markets. My trading activity today made me realize that i lack confidence and commitment in placing trades. Being fearful is a good thing because when the going gets tough it keeps you from getting hurt, but when things get good like today your out of the trade.

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