Waggie.. how about we call a truce and just talk about the markets. I am interested in what u have to say your opinions are valid.
--MIKE
A few reasons why I am shorting this bounce
- Thread starter Trend Fader
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Waggie.. how about we call a truce and just talk about the markets. I am interested in what u have to say your opinions are valid.
--MIKE
I am sorry that I "misunderstood" your long position/short position strategy . . . The phrase: "This is what I am doing exactly right now", threw me off.
In any event, I have 55% of the S&P 500 stocks in a medium-term bear phase and 45% still in the bull phase. I will look to play the long side as long as 1142 holds in the SPX.
Should we break that level, I'm out, and on the sidelines.
Bonds will be key, and are rallying back as I write, giving support to the Spoos.
In any event, I have 55% of the S&P 500 stocks in a medium-term bear phase and 45% still in the bull phase. I will look to play the long side as long as 1142 holds in the SPX.
Should we break that level, I'm out, and on the sidelines.
Bonds will be key, and are rallying back as I write, giving support to the Spoos.
Quote from waggie945:
Ok, I will speak for myself . . .
I have no doubt that you are the infamous silly little boy that went by the screename James Stock who told everyone that he believed that selling "naked" calls was a great way to play a market top because it was a way of receiving a good return for a "limited amount of risk."
Oh, so now you're picking on words rather than trades ?
I am not JS, but I have looked at his recent posts and it seems that everything he said about his selling of calls was correct. In specific, his most recent sale of Feb 1175 and 1200 calls proved to be a winner. You do NOT know the specifics of his trading strategy, so why cry when he makes a good trading call?
He claimed to have made money for many years in a row in the market, and when he offered a bet on that fact, you did not take him up on it. My advice to you is to stop with your jealousy of him and move on. That is, unless you want to bet him that he does not have the track record he says he does.
First of all, my good buddy Riskarb set-up a meeting in Chicago on the corner of LaSalle Street and Eugenie one day to compare trading records with $50,000 going to the trader with the best track record over the past 5 years, and guess what . . . your buddy James was a NO SHOW! not once, but twice!
Just to chill you out a little. I am, as you know, a sentiment trader.
So, looking at my gauges I have noticed the sentiment swing today towards LONG. I was somewhat surprised by that but then decided to sell some April puts. So, it looks like small upswing to me and I'm in it. How about you guys?
So, looking at my gauges I have noticed the sentiment swing today towards LONG. I was somewhat surprised by that but then decided to sell some April puts. So, it looks like small upswing to me and I'm in it. How about you guys?
Hey GrandMasterB, are you saying that you AGREE with the fact that James Stock stated that selling "naked" calls was a "low risk, high reward" way to play a top? (01/12/04)
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Quote from James Stock:
Again, "small finite credit in exchange for infinite risk" is according to you. I disagree.
And I don't need any help with my trading or your suggestions, but thanks anyway. My trading record blows, and you want to suggest something to me? Geez.
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Well then you obviously have major problems understanding the basic tenets of statistical risk -- let alone an understanding of basic arithmetic.
You're correct, your trading record blows...
Riskarb.
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Quote from James Stock:
Again, "small finite credit in exchange for infinite risk" is according to you. I disagree.
And I don't need any help with my trading or your suggestions, but thanks anyway. My trading record blows, and you want to suggest something to me? Geez.
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Well then you obviously have major problems understanding the basic tenets of statistical risk -- let alone an understanding of basic arithmetic.
You're correct, your trading record blows...
Riskarb.
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Quote from James Stock:
Again, "small finite credit in exchange for infinite risk" is according to you. I disagree.And I don't need any help with my trading or your suggestions, but thanks anyway. My trading record blows yours away, and you want to suggest something to me? Geez.
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Quote from Igor: 01/12/04
Writing options has a defined risk/reward profile, it is simple, a finite reward (the price of the written option) and an infinite risk (if it goes against you and you don't offset, you can lose whole account + more); you can't disagree, it's a fact Plus, I highly doubt your trading record 'blows away' riskarb's, he's probably been trading longer than you've known what a stock was (he used to trade OPTIONS on the floor I believe)
Quote from James Stock:
Again, "small finite credit in exchange for infinite risk" is according to you. I disagree.And I don't need any help with my trading or your suggestions, but thanks anyway. My trading record blows yours away, and you want to suggest something to me? Geez.
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Quote from Igor: 01/12/04
Writing options has a defined risk/reward profile, it is simple, a finite reward (the price of the written option) and an infinite risk (if it goes against you and you don't offset, you can lose whole account + more); you can't disagree, it's a fact Plus, I highly doubt your trading record 'blows away' riskarb's, he's probably been trading longer than you've known what a stock was (he used to trade OPTIONS on the floor I believe)
I cannot speak for JS, but if he has a track record of making money for many consecutive years, i'm SURE he knows what he is doing. Unless you can show me an authentic quote from JS that says what you stated above, I am calling you a liar.
From what i've read about JS, he controls his risk by buying back his short call position before a crippling move. And you should know that. You ridiculed him and really embarrassed yourself when he stated that he was covering his Dec 1075 calls at $5. He states that they closed a week later at $14. So OBVIOUSLY, he effectively manages the risk of naked selling by being one step ahead of the move. And since he went on ET and stated his Dec 1075 call purchase at $5, it is irrefutable that he was one step ahead. That was one hell of a great trade, and you pooh-poohed it, again out of jealousy.
Bottom line, bet him on his track record, ot shut yer yap!