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Had a song ("Read About It") that went
the rich get richer
the poor get the picture...
And unfortunately, it was only the folks with relatively deep pockets that got to ride this whole little intraday decline, thanks to my excessively-conservative guidance on the 'equity breakeven' stop.
Anyone trading two wound up with absolutely nothing (because they set their stops at a point that broke their equity even), while anyone trading 3 or more had about 40 points worth of Dow 'shimmy' to work with - so they could have rode a bounce to 11070 or above on the remaining unit. Sadly the thing bounced to just over the level necessary to take 2-lotters out of the game (that level should have been 11046 - and the Dow futures got to 11050 exactly), and then reversed and is now showing a lovely decline.
I dunno what to say - the bloody markets have a bead on the stops at the moment.
Still, my mail shows that the same 5 folks who cut a fistful out of yesterday's bounce, also rode half-positions all the way up to 11050 and decided that only a "genuine" break of that level (i.e., a break by more than 15 Dow points) would clip them out... so they've grabbed the absolute lion's share of this ride. Again, well played.
So it's not a bad day for the one-lotters (they got their one-SP-point-and-out), two lotters got zilch, amd 3-or-more-lotters are still lapping up the gravy as the decline below 11000 threatens to accelerate.
You wouldn't read about it...
