Don's openings Part 4

egusc · Sep 19, 2002

UPS opened up 1 penny, thats all it took to get a short. That UPS chart is very ugly, like a rocket.

I raised my envelope so a stock would have to open up at least a dime to get a short. I do not always do this, but i did not want to many shorts today.

Its those damn big losers that are killing me too. I am not losing money, but every few days i get a UPS in my list that kills the profit.

rtharp · Sep 19, 2002

Originally posted by egusc
UPS opened up 1 penny, thats all it took to get a short. That UPS chart is very ugly, like a rocket.

I raised my envelope so a stock would have to open up at least a dime to get a short. I do not always do this, but i did not want to many shorts today.

Its those damn big losers that are killing me too. I am not losing money, but every few days i get a UPS in my list that kills the profit.

http://biz.yahoo.com/ap/020919/earns_fedex_1.html

I'd say this is pretty strong news to be shorting just a penny above the open

Robert

Dustin · Sep 19, 2002

Originally posted by mrktwiz
...especially in Merril?

MER isn't on my list, but MWD and AGE were quite nice today.

Dave K · Sep 19, 2002

I had UPS opening up .10. Since the pre-market was down alot I was trying to sell into the momentum. I was using a 2.0% envelope on the short side.

rtharp

I check the news on my stocks every morning. There was no news on UPS and I don't trade FDX. I missed the correlation.

The summer was great for the opens. Now you get all kind of gaps on anything related to your stocks.

lescor · Sep 19, 2002

Checking the news means more than just reading the headlines. You need to know what sectors your stocks are in and who else is in them. Unless the news is just fluff, I will usually cancel whole sectors at a time.

A very big help for me in doing this is realmoney.com's morning briefing. They give the analyst comments that might only be refering to a whole sector, not just one stock. Like " we feel that newspaper advertising is firming for the 4th quarter and we are raising our estimates across the board for the group". To me this means take off GCI and NYT, even though they won't have any news on a search of the symbols. Yahoo's market tracker is also good as a catch all, and it's an easy way to get the ex-dividend dates for all your stocks.

The extra work like this is partly what's helping me maintain consistency with the opens. Even though things have slowed down for this strategy, I still went 17 for 21 in August and am 10 for 13 this month.

Today was a scratch for me, down $21 net on 6 fills.

nitro · Sep 19, 2002

Originally posted by lescor
... " we feel that newspaper advertising is firming for the 4th quarter and we are raising our estimates across the board for the group". To me this means take off GCI and NYT, even though they won't have any news on a search of the symbols. ..

Heh,

Did the article say anything about the Washington Post specifically? My wife wants to invest in that stock...

nitro

raa1010 · Sep 19, 2002

zero fills today. i thought for sure i would get more than normal today. anybody hedge off an opening only trade with a pair instead of getting out. or do you usually try to keep these strategies separate.

nitro · Sep 19, 2002

Originally posted by raa1010
zero fills today. i thought for sure i would get more than normal today. anybody hedge off an opening only trade with a pair instead of getting out. or do you usually try to keep these strategies separate.

I have done it, but only because I wanted to be in the pair in the first place - otherwise, you may be walking into someone else's poker game...

nitro

Dave K · Sep 19, 2002

Y'all Ready?!

lescor · Sep 20, 2002

Originally posted by nitro

Heh,

Did the article say anything about the Washington Post specifically? My wife wants to invest in that stock...

nitro

It was an example, I was making that up. If you saw the action in the last half hour today in the newspaper stocks, you'd probably want to run the other way. They were cratering big time, down a couple bucks in a matter of minutes.

As for triple witch the only thing I'm doing different is throwing out another layer or two of orders with wider envelopes. Like maybe 1300 shrs at 1% (my usual), 500 shrs at 1.8% and 300 shrs at 2.5%. If there is no news and the odds are in your favor, the bigger the gap, the more you want of it. The downside is if you are wrong, now you've got a much larger position to bail on.

That and I pull my balls of steel out of the closet, and apply anti-persperant to my palms.