Monday, April 30, 2007

Good Morning World

This morning I bought 200 shares of VCLK @ $28.84 This trade is a 20-Day Play. Check my 20-Day Play label to find out what I am looking for in this entry set-up.

This morning, everything on my screen is red. MVIS is down another 3%. I'm wondering if some sort of news hasn't leaked on Microvision. It certainly has been trading as if it wants to go back to the 3's. Six down days in a row is certainly not a pattern that makes one feel comfortable in his gut. I hope today forms a nice bullish hammer, showing strong support at $4.00

I am slowly paring down positions, and have not been doing much research at home. This is for a number of reasons. Mainly, the "Sell in May" effect is nothing to sneeze at, but secondarily, I've been so busy at work and home that I simply have not had time. Couple these factors with the fact that I'm not beating the indexes this year and it feels like the right time to slow down.

The final factor that is taking up my time is that I'm in the beginning stages of system development. My life has gotten so busy that I feel it is foolish to continue trying to short-term discretionary trade. I am going to be purchasing some software that will let me backtest some medium and long term ideas over different markets. I have a feeling this is going to be a long but rewarding process, so I will probably go into trading hibernation while all this is being sorted out. I am excited about posting progress of my system development here, and hope that it will be interesting and rewarding to read about.

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