Once again the market demonstrated its incredible ability to ignore all potentially bad news (U.S. sequester, China real estate, Italian elections, the Pope, Justin Bieber’s concert fiasco, etc.) and just plow higher.
The strength of this market was apparent on Friday and yesterday as every dip was met with buying. As we mentioned in last night’s prep post, this market is poised to move to 1,550 and beyond and that is exactly what seems to be unfolding.
To reiterate another thing we said last night, all market predictions and forecasts have little bearing on our strategy because our sole focus is looking for momentum opportunities (long or short) every day and trading them.
From that perspective today was another decent day, especially on percent basis as we found a number of good “lo-hi” opportunities (as we like to call them): ACUR, ACAD, APP, and RIGL. Other notable winners were ARUN, QIHU, and TNA, while the biggest losing trades were THLD and GWRE.
In the biggest “missed opportunity” category we have to put AAPL. I was hoping it would dip below yesterday’s close before reversing, but this did not happen and AAPL made a solid 12+ point intraday move without us.
March 5, 2013: +1.33 points / 1.10%
- Number of trades: 11
- Green trades: 9
- Biggest point winner: +0.54 (TNA)
- Biggest point loser: -0.26 (GWRE)
- Biggest % winner: +5.31% (ACUR)
- Biggest % loser: -2.19% (THLD)
For more information about today’s trades, please see attached log.