daytrade diaries tuesday, page-3

Thanks Nikk0 for establishing and maintaining this daily thread. I've found it very useful over the last month and look forward to benefiting from the knowledge shared here next year. Merry Xmas to you and the other contributors and regulars.

US markets staged a late rally to finish down around 0.75 - 2%. Financials and resources bore the brunt of the selling, which would normally be ominous for our market, yet our futures tip a positive open up around 20 points on yesterday's close. It wouldn't surprise if we drifted lower throughout the day as traders close the books for Xmas.

Base metals were mixed, with zinc and aluminium showing strength. Oil was weaker, while gold rallied back towards recent highs.

Yesterday was slow going for me, too. LNC provided a solid profit and my only other trades were a couple of scalps once FMG had found a base. FMG will again be at the top of my watchlist. Very good volatility there for traders if you pick your moment once the heavy selling is done.

These thin-volume days can provide very profitable opportunities when shares suddenly fall off a cliff because of the lack of depth in 'Buy' queues and programmed selling triggering stop losses. I'll keep an eye on my watchlists for those during the day. Quick hands can turn quick profits.