Night Mare

Little Red Riding Hood is back and we're going to go riding into the night - or the weekend, rather!

It got bad today - just as I feared and worse! In hindsight, the best thing I could have done was sell during Extended Hours Trading yesterday, but how would liquidity have been? I didn't notice that much volume yesterday.

I learned something major today. CENX and JRCC both hit a high today and what I could have done was sell then - or close enough to it - to buy back on a dip. If I had done that, I would have taken a small loss and I would have gained back more profits on the way back up if I had caught the low. The keyword is if. If I got it perfectly, I would have gained. If not, then I would have been knifing left and right and just aiming into hot air. The only gainer would be my market buddy E*Trade.

I'm going to study this theory a little bit more and see how I can put it into practice.

Another question mark I have is whether there will be any impact on CENX relating to the SNB Franc action. Glencore Traders must be trading with the Franc. Will currency movements affect my long term prospects of trading CENX - or will I need to look for a new play?

One thing's certain. To be able to day trade, I need to build up a stronger personality and move with market action. Prices still closed veering towards the weak side today, with CENX closing 4 cents below its daily 50% Fib level and JRCC 7 cents below its daily 50% Fib level. My only hope is the strong bidding volume on CENX where I noticed an alpha bid block of 5 figures during the final minutes of trading. Did it mean anything or will the 50% daily Fib level take precedence?

Based on the uncertain political environment, how the G7 Meeting will play out is anyone's guess - particularly the ECB drama with Professor Stark's resignation.

I didn't do enough homework, but if I had seen the G7 Meeting on the event calendar, I wonder if I would still have traded the way I did.

Next week's a new week as we look towards the All Important Day of 21 September 2011 when the Bernankees will hopefully do a better job than they did yesterday.

-1.91% SBA (it hurt)

-3.48% Roth IRA (that hurt even more)

-2.69% DJIA

-2.42% Nasdaq

-2.67% S&P

Happy Shiny Weekend - don't knife me next week... I'm aiming to rebalance my Roth IRA!