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Patience

Mon, Aug 30, 6:46 PM ET, by Jeff T. - Freshman Equities Trader, Hedge Fund Live

The Technology/Telecom book managed to outperform the NASDAQ and the XLK (Select Sector Technology ETF) closing the day down 46 basis points versus the NASDAQ Composite down 1.56% and the XLK down 1.33%. The top winners on the day were AAPL up 36 basis points and ELNK, a stock we are short was down 1.27%. AAPL managed to show strength today after a bullish article in Barron's discussing their event scheduled for September 1.

The top five losers on the day were MA, V, GOOG, CREE, and Q. MA and V showed weakness today closing down 2.03% and 2.18% on no direct news. GOOG opened up strong but could not hold gains and closed the day down 1.34%. CREE managed to give up some of Friday's gains after rallying into the weekend on takeover speculation. CREE closed the day down 92 basis points at 56.01 below the $56.15 level. Last is Q which closed the day down a smidge 5.62.

Today was an extremely quiet trading day, actually the lightest volume we've had all year. I think it's important to discuss how important it is to sit on your hands and understand what market we're trading in. When the volume gets this light the moves will be volatile and if you don't respect that you will be shaken out of the majority of the trades you enter. Make sure you get in with smaller size than normal and have your trade completely planned out before you enter. Make sure you give your trades more room and take profits when they are given to you, don't get greedy.

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