I have completed the book "Reminiscences of a stock opertator". The last 5 chapters were really enlightening to me. It talked about how to manipulate a stock. Yes! This is very very useful information. I hope by understanding that 5 chapters, it can help me in sniffing what is going on in the stock market. I'm not saying all the stocks are manipulated. But some are obvious. I urge you to read that, everything that happened over the past year will come to make sense for some of the headliners. Informatics, CAO...etc.... what happened 60 years ago is still happening today. If there is one thing you should know about in stock market, manipulation should be priority in it's own rights. Read and protect yourself!
SIMSCI Strategic Update: After my first virgin trade had won me some money, I ventured out again and long simsci on Friday. This time round, I was anticipating a breakout of 274.8 and hence bought at 273.6. But soon after, the simsci drift lower and was at 273.4 before long. I knew i had bought at a high almost immediately and saw no follow through buying. I was wrong in buying in anticipation of the breakout. I cut almost immediately because I was wrong. If I were to be correct, simsci would have move up and not down. Also, I bought at the day's high at that point in time. Greed on my part. So before I had to lose all the previous day's profit back to the market. I sold and stayed out! If buying at the high was wrong, I think I did correct in protecting my previous day's profit.
SIMSCI's chart position: Support 271.0, Resistance 274.8
Previous closing:
High:2742
Low:2708
