daytrade diaries....friday, page-2

Very interesting stuff, Nikk0, thanks for sharing. I look forward to exploring your ideas further over the weekend.

Market update: the S&P's four-day winning streak came to a grinding halt overnight as the major US markets shed 2.7 - 3.3%. Financials and REITS were notably weak. Our banks are very likely to follow them south this morning. Gold was the only sector to buck the downward trend as the pog rose nearly 2% back near the recent high.

Oil fell almost 2% as it continued to retreat from Tuesday's high. Base metals were mixed but generally lower, with copper recovering most of its losses near the US close.

This week's three-day winning streak on the ASX was the longest of the year so far but it ends today. The SPI closed at 3420 - 96 points down.

My strategy on days like these is to look to buy strong shares showing excessive weakness any time between the open and 10.30 for quick bounce trades. In some cases I can be in and out of trades in minutes. In fact, those are my favourites. I'll also look at anything that opens at an excessive discount - although what looks like a bargain at 10 am can be looking very expensive by 4pm, lol! I'll be particularly wary of financials and REITs after that US lead.

Trade well, amigos.