Thursday, Sept. 30

Last day of the month and a nice little roller coater of a day. I missed 90% of it because I was driving to Maryville, TN. for a weeks vacation.

Today I thought we were going to finally breakout of the 114-115 area and maybe even close above it. The SPY gap up to 115.79 in the first 30 minutes, and then 2 hours later we hit the low of the day at 113.71. At the end of the day we actually finished a bit lower than the day before. This is one screwed up market.

Here is a post from one of the professional traders at SMB Capital:

The past week or so I have begun to feel a bit uneasy about the market action.  It hasn’t been as crazy as the action that we saw in late January that led to pretty vicious two week  sell off but it has definitely caught my attention.  The failed breakout of the 115 SPY level has me on full alert for a break of the uptrend that began at the beginning of September.

From a trading standpoint it would be great if we sold off hard into earnings season so there would be some ammo for the upside once companies start to release their numbers in Mid October.  If we are weak tomorrow I will be watching the 113.20 level like a hawk.  A break below there and we should head to 112 fairly quickly.

Today I purchased 1000 shares of SIFY for $2.95 and thought I may have been pushing my luck because it quickly sank to $2.76, but it rallied back to $2.96. Tonight I put a bracket sell order on it to sell at $2.70 or $3.15 if it reaches for the moon. The 5 day ma is up, but I’m a little nervous about this one.

I also added to one of my winners by purchasing 200 shares of SCS. During today’s wild ride I got bounced out CTRP when my stop loss order was filled. I took another small loss of $31.33.

($31.33) realized profit today. September realized gain = $184.55 AVG = $8.78 a day. Personal goal = $50 a day.

Unrealized and still holding:

JASO - $298

SCS - $91

TLB - $122

SPXU - $45

TTM - $20

SIFY - $10