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Market Recap:Pretty Much Went As Planned

June 30, 2008 5:53 PM

I posted this weekend that I thought “if the market opened flat to slightly negative, the early weakness is likely to reverse”. Bingo. When the market opened, I also warned to “watch out for a late reversal”. Right on target. I also posted that in my Reader Interaction comments that ” although I have been negative on UPS for months, UPS looked like a good risk/reward trade here”. $2 bucks plus off the low.

Here is something to keep in mind - timing. If RIMM opens where it did and reachs near your price for a risk/reward trade at 10:00, the trade is long if you want to take that trade. If it reaches the price in the last 30 mins, the trade is an AVOID - you have no time left. Unless you are going to hold the trade, which I believe is risky, at best. Timing, Timing, Timing. Make sure you have enough time left in the day to get the bounce you are looking for.

Keep in mind i did not say LONG any names today…as I have mentioned I am negative on the market here. I just wanted to give people a heads up as to what I saw was “likely” today.

Written by Tom@StockBlade.com · Filed Under General Investing/Trading Commentary 

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