Another rumor....

Here we go again, market heads south only to be turned around by another government bailout rumor. I want to go over this new foreclosure plan and update my positions, but I will likely do that in the morning.

I don't do that many day trades, but I want to quickly go over 2 day trades I made today.



First, I decided to try getting a little bullish this afternoon, as we were moving down toward S&P support in the low 800's. My first buy (in purple) was sold for a quick loss within minutes. I wasn't happy with the loss, but I was happy with the discipline to take the trade, and to sell it when the market turned against me.

My second day trade was much better and profitable. I purchased (in red) when the market started to bounce on the news of the new foreclosure plan. I had seen this many times before, I knew we were nearing support in the S&P so I decided to go long again. The position rocketed higher, and when it paused, I bought more. I sold the full position at the end of the day.

I want to read up on this foreclosure plan tonight, but I suspect it will be another letdown....