An unusual day where the tone reversed 180 degrees after the opening range and headed straight up without a hitch. Looking at a potential long like IDSA, I don't see a nice spot early on to get long that I'd be comfortable with. NOVN gave a decent spot, but I was psyched out by the BOBJ and SBUX stop outs, and missed it. That's the way it goes.

On a happy note, I had an excellent row and bike ride and feel great. See you tomorrow.

Shee-it, yeah I got faked out of SBUX. Going to have to spend some time with the punching bag this afternoon, lol. Bye.

That push may have been a cynical jam but I'm not going to mess with it. Off to exercise. Have a good day.

Lost less than a dime in SBUX. Learn how to cut and run and you too can make it in this game. Of course I could be suffering from premature ejection. ;-)

Scram is the word!

I've got 20 cents of risk in SBUX so that's a very tight stop. The broad tape has gone poz so I'm going to think about whether to scram early or sit tight.

Shouldn't have taunted the BOBJ crowd... stopped out there. ;-)

Hmmm, I see buyers lurking around the edge of things, wonder if they'll step in and drive me out? Looks like a possibility, but they're going to have to come and get me (that's a taunt).

P-stop 37.59 SBUX (short).

P-stop 30.28 BOBJ (short).

Tone is poor, I'm looking short. As I withdraw from day trading, I am shortening the time in front of the screen down to 2 hours... should leave every day by 11:00 AM, EST (4 PM, GMT).

IDSA is a little flyer that I'm told has a float of 900,000 shares. It has traded over a million shares already this morning. The old supply and demand trick.

IDSA, Daily Chart

Eyes on DCGN and IDSA.

Harrah's Entertainment (HET), Daily Chart

In Shanghai you have the A-share market, which has the renminbi-denominated shares, and the B-share market, which has the dollar-denominated shares. The A-share market is a lot more active and liquid, of course.

Shanghai Zhenhua Port Machinery is listed on both. Over the last 6 months or so its stock price has doubled on the B-share market, but its up only 40% in the A-share market. Once the renminbi becomes convertible, there will be no need to have two classes of shares.

I keep up with the Chinese stock markets by using Yahoo!

Shanghai Zhenhua Port Machinery Co Ltd (A-Share), Daily Chart

Shanghai Zhenhua Port Machinery Co Ltd (B-Share), Daily Chart

Looks like the Nasdaq is doing a textbook ABC retracement. We'll see if buyers step in where they should.

E-mini Nasdaq 100 futures (NQ), Daily Chart

SEC proposes fee to thwart short-term trades in mutual funds. What is this going to do to Rydex? Isn't their whole business predicated on people jumping in and out rapidly?

Caroline Baum writes about the distinction Greenspan makes between household debt and federal government debt.

John Dorfman offers Thirteen Tip-Offs That Earnings May Be Inflated.

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