This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

A Great Start but a Very Poor Ending to Tuesday's Trading

"If you want to have a better performance than the crowd, you must do things differently from the crowd." -- Sir John Templeton

NEW YORK (TheStreet) -- A bit of a bloodbath into the close today after early strength in markets and stocks faded and worsened significantly.

We had some nice moves in our positions early in the day and also saw the markets rise very nicely and on schedule.

That tune quickly changed as markets began to roll over and accelerate.

I started to exit positions slowly Tuesday morning, ridding myself of stocks that just weren't working but then my selling pace began to pick up and by the last hour it was at a fever pitch.

It didn't take too long to be near a full cash position while trying to let a couple stocks gains increase but they quickly stopped me out and I'm now at a full cash position once again.

When things change, they often change quickly and all positions have to be sold quickly most times.

I booked some decent gains, a few near cost and a few for small losses while one was a bit more than I'd planned for.

All in all it's six of one and a half dozen of the other and I came out only slightly ahead in the end. I was heavily margined coming into today and when you use margin you've got to be able to sell first and ask questions later.

It seems we need some rest and consolidation here for at least a few days now -- but if recent history is any guide the consolidation phase will not last long, nor be very deep.

SPDR S&P 500 ETF Trust (SPY) showed a bearish reversal bar today and says we need some rest.

194 is next and if that fails then 192. It will be a few days at least before we can really consider any buys so enjoy a few days off if you can.

The beauty of trading is you really have to work hard when things are good but when we get chop or consolidation periods we can take some time off. Sometimes the best move is to do nothing and preserve cash until better setups form.

Have a great Wednesday.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

>>5 Stocks Set to Soar on Bullish Earnings

Warren Bevan

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $123.25 -0.80%
FB $83.30 0.35%
GOOG $548.34 -1.23%
TSLA $185.00 -2.84%
YHOO $45.10 1.42%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs