My tail is wagging as my portfolio is up an additional +40% in just over a week!!!!
I am getting positively giddy as the market continues to climb and surge off the recent lows. I know at some point someone is going to stop the music, but while the band is playing I’m going to continue to dance my jig.
One of the questions I get asked is why I don’t have profit targets. There is a simple answer and a systematic answer to that question.
The simple answer: Because you must ride out big winners till the horse is exhausted.
The systematic answer: As a trading systems designer, I found upon testing that it was less profitable to limit your gains. It is very important to limit your losses, but foolish to limit your gains.
Like all traders, I obsess with trying to pick tops and bottoms, I’m very good a grabbing the bottom, but tops are a little trickier and require a small retracement to profit take…therefore, until I am able to nail them both I will continue with my obsession!
U.S. stocks climbed on Friday, with Wall Street derailing a four-week slide with its best week this year, as quarterly results from companies including Microsoft and Procter & Gamble inspired investor enthusiasm.
The declining price of crude has nearly half of U.S. gas stations selling gas for less than $3.00 a gallon, with the national average at $3.07 a gallon, the lowest since January of 2011, according to AAA.
Microsoft rose after the software titan posted better-than-expected quarterly revenue; Procter & Gamble climbed after the household products maker reported quarterly results and said it would split its Duracell battery business into a separate company; and, Amazon.com dropped after the online retailer offered a weak sales outlook for the holiday quarter and third-quarter results came in below estimates.
A report from the Commerce Department on Friday had new-home sales rising 0.2 percent to a six-year high in September, while the pace of August sales was revised sharply lower.
After an early dip of 28 points, the Dow Jones Industrial Average jumped as much as 132 points, and ended about 0.8 percent higher, with Procter & Gamble leading blue-chip gains.
The S&P 500 added 0.7 percent, with health care pacing gains and energy falling hardest among its 10 major sectors.
The Nasdaq rose 0.8 percent.
The Russell 2000 Index of smaller-cap companies wavered as market participants debated the impact of the anticipated end of the Federal Reserve’s bond purchases, also known as quantitative easing.
Advancers outran decliners by a 3-to-2 ratio on the New York Stock Exchange, where 464 million shares traded as of 3:40 p.m. Eastern. Composite volume cleared 2.4 billion.
Analysts downplayed concern about the Ebola, with a doctor who worked with Ebola patients in West Africa in an isolation unit in New York City after testing positive for the virus, making him the fourth person to be diagnosed with Ebola in the United States and the first in the nation’s biggest city.
News Sources: CNN Money & CNBC