To OTC Journal Members:
 

Tuesday's Trading Alert Stopped Out on Morning Rally

Our trading alert to short the market through either the QQQ's (AMEX: QQQ), or the Spyders (AMEX: SPY) was stopped out today by the market's rally. In Tuesday's edition, we suggested $24.50 as a stop loss for the QQQ, and $82.20 for the Spyders.

Overnight rumors concerning a potential successful resolution of the Iraq conflict brought buyers flooding back into the market. Rumors started spreading in Tokyo last night that the CIA was already negotiating surrender with several Iraqi generals, and the dollar rebounded strongly.

European markets bounced hard off the six year lows made yesterday, and the US markets followed them right up.

We sold the QQQ April 25 put options we had purchased for $1.85 for $1.25, for a net $.60 loss.

We got whipsawed on this first trading idea, but this will not be the last time we will publish a trading alert on the market. We plan to make this a regular feature, as we have a new contributing editor who has been calling it right for the past nine months.

On the positive side, some of your longs should be trading well today. 

Please stay discliplined on these short term trading ideas, especially on the short side. This will help preserve capital and allow us to come back to fight another day.

SwingWire.com also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts! 

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