Another huge intraday range today

joeyata1 · May 7, 2007

bs i see another 400 pts easy

myminitrading · May 7, 2007

Quote from Arnie:

FOMC meeting this week.........traders just keeping their powder dry.

FED MEETING WHAT A JOKE, GEE I WONDER WHAT THEY WILL DO.

myminitrading · May 7, 2007

Quote from makloda:

What is it, like 3 points in the ES? What a snoozefest...

Can you belive their has been no profit taking after this 5% run straight up.

Or either someone is absorbing all the sell orders.

Restricted · May 7, 2007

Quote from saxon22:

Afternoon session should be interesting. Looks like time for a minor correction.

Massive range expansion at 3:30. Almost got blown out. Thank god the PPT stepped in and stopped the correction from getting out of hand.

Anyone want to chip in for the fruit basket im sending to Bernanke?

Charly · May 7, 2007

Quote from makloda:

Every day, I just keep short selling ES puts with a strike 5 points OTM. Actually zero risk for the seller since we go up around 0.5-1.0% every week like clockwork. Easy money and there are plenty of morons that still have bids out there that I just keep hitting, thanks for the free $$$. [/B]

Sounds good - what are the details like for those who are not familiar with options - like me??

Thanks for sharing your knowledge.

Charly

nolajy · May 7, 2007

Selliong options and collecting premium is great! yuo can have a huge win percentage..80 % plus; however, do not fall into the fallacy that a nice, extremely volatile, short lived corection is not just around the corner which would easily wipe out the last 30 days of taking very small premium out of the market. When the mkt falls dramatically if you are shor tputs and you do not have tremendous discipline you will get your butt handed to you very quickly! Take a look at an sp 500 option put chart (pick almost any strike) back in late february and you can see for yourself.
BE CAREFUL IF YOU THINK SELLING PUTS IS EASY.. THERE IS A TON of RISK.

acerbits · May 7, 2007

I made $$385 after commission today

with 20 contracts. Went short just before the market started to go sideways

promagma · May 7, 2007

I blame the dog. There's nothing you can do.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=93776

saxon22 · May 7, 2007

Quote from TL Trader:

Damn, that sounds like some really "tight" resistance. Try hitting it harder.

Tight resistance is the best. Too bad in real life most of the hitting is done without the tightness being present or is that only my experience with easy college girls?

MattF · May 7, 2007

Quote from acerbits:

I made $$385 after commission today with 20 contracts. Went short just before the market started to go sideways

a tick here, a tick there...

I got a bit less because a few of my signals didn't get filled...otherwise it would have been nice. :mad:

My winners actually came more on the NQ instead...took a small ES.