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from Basics of Trading Video Course from InformedTrades.com :
A 75 Lesson video course meant to give traders an introduction to the basics of trading as well as the components necessary to develop a profitable trading plan.
Major Indices - These are an imaginary portfolio of securities representing a particular market or a portion of it.
DJI - Dow Jones Industrial Average SPX - S&P 500 COMP - Nasdaq Composite NDX - Nasdaq 100 RUT - Russell 2000
Commodities - These are basic goods used in commerce that is interchangeable with other commodities of the same type.
Internals - This refers to "market internals" and is a blanket term to collectively describe market indicators.
Overall Volume - The uptick volume minus its downtick volume over a specified period. Breadth - A ratio of companies advancing relative to the number declining at a specific point in time. Advancers/Decliners - The absolute number of advancing relative to the number declining at a specific point in time. Trin - An indicator calculated by taking the advances-to-declines spread and dividing that by the volume of advances to declines at a specific point in time. VIX - The ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge".
Doldrums - LUNCH! The time period between 11am and 1pm in the markets which is *generally* characterized by lower overall volume and lack of trend.
Hopium - In securities trading a trader is said to be under the influence of the fictional narcotic hopium when she/he finds themselves deeply in the negative on the wrong side of a trade. The trader will continue to hold the position in the hopes that the security will return to the value at which they acquired it.
Sony Corp (SNE) was a *GREAT* and easy short position with it putting in an abandoned baby candlestick!
Thursday - March 25, 2010
The Big Picture: The bulls were in charge early Thursday, but an apparent setback in Greece's debt crisis at midday sent the indexes tumbling. Strong early gains stalled in mid-afternoon trade, first cutting the froth off the gains and then turning the indexes to losses on all but the Dow.
Today was definitely a day for both bulls and bears alike. I was long from yesterday and held my position until I bailed during the AM hours. I saw a double-top form with confirmation from indicators and weakness in the issues up/down ratio a.k.a. tick on the second rise which compelled me to enter into a short position with a rather tight stop (upside risk ).
The futures are confirming a down open tomorrow (GDP reports will most likely read "neutral") so I will hold my short (unload half) into the 9:55 am (at least) until the sentiment comes out. Watch carefully and unload, as needed. I may go long sometime during the day, but do not expect to hold over the weekend.
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