“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

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JCOM traded to a new high today. It is not yet a top alpha stock, but I noticed it from a Cyberquant scan that I have set up. Today would have been my best day so far if I were not in “minimum trading mode.” It sucks when you have a 10R day and all of your R’s are about 50% of what they normally are. Damn. Anyway, I’ll take what I can get.
But it is an important lesson to think about and I should write it down so I don’t forget it. When trading very carefully, you can still make money while the risk of a big loss is greatly reduced. When not trading carefully, you can still make money but the risk of a big loss is greater. What I mean to say is that even when trading very carefully, a bull market is not going to run away without you. Sometimes I trade less carefully because I am afraid of missing an opportunity. Today I could see that being careful did not result in missed profits.
My winners were JCOM, HANS and AKAM:
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Bill Cara linked to a google-cached article on Richard Ney’s view of the NYSE specialist the other day. I first heard of Richard Ney through the Market Street newsletter. His books helped to me understand the corruption in the markets - “that the specialist exists not to ensure the free and orderly trade of stock in a particular company, but to fatten upon the innocence and ignorance of the small investor.”
Besides being an investor, he was a movie and TV actor. From imdb.com:

When his first book, “The Wall Street Jungle”, came out in 1970 it was on the New York Times best seller list for 11 months. Yet it met major resistance. Not only would the Times not review the book, but the Wall Street Journal went so far as to refuse to take an ad from a New York bookstore that featured the book.

There were only two people who weren’t allowed to be guests on “The Tonight Show Starring Johnny Carson.” One was Ralph Nader and the other was Richard.

Good morning, my name is Ugly, and I am a loser. I have it in me to do serious financial damage to my account.

Currently the QQQQ is gapping up above yesterday’s high.
I am in “minimum trading mode” until June 1.
The following alpha stocks are opening up: PEIX, JLG, GG, GLG, TS, TIE, AUY, CELG, MGPI, ERS
The following alpha stocks are opening down: JOYG, LFC
The following volume advances are worth noting: SBAC, ANGO, GEX

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“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

The QQQQ traded over 230 million shares today - more than its previous high volume day on June 24, 2002 of 219,672,096. Wow!
This is starting to look some kind of bottom.

Good morning, my name is Ugly, and I am a loser. I have it in me to do serious financial damage to my account.

No picks this morning because my computer wigged out again. Unfortunately I traded with my backup system and got chopped up this morning. *sigh*
It might be a good idea for me to take off the rest of the month in order to keep this month profitable, since it is only barely profitable right now.

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“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –