Daily Wrap Up

It is just 1:00pm and I am done for the day. Lost all the gains for the week and some more in just one trade because of screw-up by Fidelity and it's much vounted ATP system. Apparantly the customer service representatives that answered "trading section" chat line were not versed in trading afterall - they were pretty much clueless. The main culprit was the stop-loss which did notk work when used as one-leg of a 2-part conditional order - the failure of stop-loss to act cause my loss to baloon from 0.5% to a whopping 6%. I was pissed with Fidelity.

I was surprised by rather upward-move in pre-market S&P500 following another dismal employment report. Looking at the early morning trade, it suggests that investors were betting on even worse results and when it did not pan out were rushing to close their short position which caused a spike immediately following the opening and through the rest of the day it was slow and steady sell-off.

GS also showed similar trend. And basically I was hoping for upward reversal and when that did not happen, kept getting stopped except for one time when the stop did not work I got killed. The mistake was that I mis-read the market sentiment today. I was hoping that it would hold at 780-82 level but it didn't. Instead, it is currently trading at 770-775 range.

In summary today's mistake was (1) Fidelity (2) not knowing the market direction (3) USING OSSILATOR (Bollinger, MACD) to go long rather than stay in short positions.