Booksquaring. Thu Apr 9

The US recovered a little last night with the S&P 500 up slightly over 1%. We're bouncing as well although there's not a lot happening given that the Easter break is upon us and when we resume trading on Tuesday the US market will have had 2 sessions.

I stopped out of the last of my fmg at 236 (shorted at 238) as it starts to rally and has given a buy signal on the intraday charts. I'm a bit concerned about short covering coming in to Easter.

I've shorted lgl and ncm again after having bought back my positions a couple of days ago. I sold ncm as it resumed the fall after having rallied since the opening lows on Tuesday. I'm short at 2835 although it's rallied back against me a little. Here's a daily chart.

I jumped in a bit early and shorted lgl at 297, assuming it would quickly follow ncm's lead. It has, instead, crept up to 299. However, the weekly charts for both are among the worst in the top 50 so I'm in the right ballpark, I'm just hoping that there's not a more extended retracement rally. Here's the ncm weekly.
Other than that, I'm trying not to do much on what will probably be a choppy day. Csl and tol have moved against me a bit but I'm not near stops, while cnm is shut, pending an announcement, with a few sizeable buyers lined up at prices above the last sale. Either they're playing games or they're friends of the company and perhaps have an idea that it's good news.

1.35 The market has drifted off earlier highs to be up 13 points. It's a slightly frustrating day for me with my positions moving against me. I'm short lgl, ncm and tol and although I'm confident about all of them I've entered them all at the end of short term down moves. I'll have to wait for the recoveries to complete and then I'll see whether they start to accelerate down again. Csl is a bit similar in reverse. Ideally, I try to enter trades when the weekly, daily and intraday charts are breaking out at the same time but this doesn't happen all the time.

3.03 Ncm has rallied sharply but still looks poor on the bigger picture. I've decided to stay short but I closed out my lgl position at 301 (vs 297) because I got in without a proper signal. It's a typical day before a break where a lot of things reverse as people take profit. Like a Friday but more so.

4.05 No real change. Looks like the market is closing near its highs, up 50 or so, after rallying since lunch. Back after Easter.