5:31 am (Hawaii) It could be huge. Or just a puff of smoke blowing by. Will anything really change with the "informal" EU summit?
Re-opened a position in FAZ at 28.05. With each passing day in May, it's easy to say in hindsight that it's better to just let a position run. Just hold it overnight; Europe is a long way from printing more euros. But I've been burned before on overnight holds of FAZ. And mornings like this when I can't get wake up before 5 am, too risky. There's time to catch any (Eastern time) afternoon runs.
RTE News: What can the EU summit deliver? (May 23)
Bloomberg: European Banks Unprepared for Greek Exit from Euro (May 23)
Update 6:44 am Stopped out of FAZ at 28.25 (+0.21/share). Tiny profit, I'll take it. Volume at its softest of the day as FAZ faded from its high. Indices are all roughly -1.3%. Nothing bullish (or bearish) out of the EU summit. Yet.
Update 6:58 am Re-entered FAZ at 28.24 as it bounced off a swing to 28.15. Stop loss as always is in place. Volume low, whipsaw action could get more drastic. Maybe at the top of the hour.
Update 7:23 am Stopped out of FAZ at 28.07 (-0.17/share) for a tiny loss. I'm now break even for the day. The chart looks like it's tiring and the indices are starting to rally a bit. (DJ -1.1%, Nas -1%, S&P -1%.) FAZ could jump from here, but I'm not going to force a trade.
AAPL back in the green, now 559.40, up more than $2. No idea if it will stick, though @TraderFlorida has a clear-cut view of where it will go.
Update 7:52 am The Fibonacci retrace from today's high (off yesterday's close of 27.03) is at 27.90. FAZ was at 27.88 just a minute ago, now bouncing to 28.03. Funny how that usually works. A little more volume and I might be convinced.
Update 7:58 am Back in FAZ at 28.06. Stop loss in place.
Update 8:03 am Need to check news far more frequently. This hit the wire at about 7:15 Hawaii time (45 minutes ago):
Bloomberg: Greek Capital Boost May Help Banks to Staunch Deposit Outflows (May 23)
FAZ was at 28.20 before this headline. Then it plummeted to 27.88, which I saw earlier. But I left my stop loss alone after buying at 28.06, and it's now back at 28.10 after wavering below 28. The injection of 18B euros ($23B in dollars) is a band-aid on the bank jog problem.
Update 8:34 am Stopped out of FAZ at 28.12 (+.06/share) for the teeniest of profits. It was up to 28.32 and yanking back violently in the past several minutes on strong volume.
Update 8:44 am That was ugly. Entered FAZ at 28.03, and the second it hit, it slumped to 27.98 and it got fugly after that. Dropped to 27.83 in a matter of 1 minute if that and I was stopped out for a small loss. Volume was big, and I should've taken the cue from a long red candle on the 3-min chart just 12 minutes ago or so. Trying a bit too hard here, time to step away.
Update 9:35 am In AAPL at 568.80. Passed on it earlier at 566. Stop loss is fairly tight. Strictly a day trade. Nasdaq crossed over to green a couple of minutes ago. The summit in Europe has the market bullish for the time being.
Update 9:47 am Out of AAPL at 570.80 (+2.00/share) for a tiny profit. I raised my stop loss a few times, but once it hit 572.80 and sold off fast, I needed to get out. I wanted to change the stop loss to a limit sell for a higher price, but it moved a little faster to the downside and I chose not to get too greedy. Just wanted to get out with a profit and took a price below bid due to the speed of price action downward. (Stop loss was at 570.30, so I did better making the quickie adjustment.)
No way I would've held AAPL overnight. Too much risk at the summit.
Update 9:55 am Euro madness? More like euro anxiety. Tempting to get a little position in FAZ here, being pessimistic on Greece, but probably staying out until we get some news from the summit.
Reuters: Eurozone tells members to make contingencies for Grexit (May 23)