I mentioned in Friday nights update within The Chartist that the US was poised for a big session one way or other as the release of the all important non-farm payroll data and Congress vote both coming home to roost. We’ll, we didn’t quite finish at the ends of the extreme’s but the intra day swings were huge. The Dow managed to rally some 3% after the payrolls number but then dropped some 4.5% after the vote to end the session 150-points in the red. Obviously this intra day action creates some whip saw with positions. As much as we’d like a clean trend day we have to deal with these when they’re thrown at us.
Position wise we were stopped out on the CELL long. No harm done. Next trade please.
We initiated another long in RMD which closed weak suggesting its not ready to get on with it either. We’ll see how it travels on Monday. I also initiated shorts in HRL and EPIC, both of which closed in the money.
US fills from Friday
I’ve scanned about 3000 stocks so far and can’t find a great deal that interests me for the coming session, although there are a few patterns developing that short offer some trades on Tuesday or Wednesday.
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