Don's Openings, Part 6 2003

lescor · Dec 6, 2003

I don't mind at all. As traders, money is the only way we have of talking about how our job is going.

A couple months back, I posted that I've been averaging about $6,000 a month net for the last year and a half doing openings. November was above average at $7700. Week one of December is in the books at +$2200.

To answer the inevitable next questions- I have about 165 stocks on my list, use a .9% envelope, have been averaging 7-8% fill rate and don't trade stocks in the news (but experimenting with this lately). I average one losing week out of every 6-8.

Corey

ManhattanTrader · Dec 6, 2003

thanks for the info Corey. keep up the good work!

mgkrebs · Dec 7, 2003

Corey - what service are you using to filter out news and earnings stocks?

lescor · Dec 7, 2003

Biefing.com's InPlay and TheStreet Notes morning report from realmoney.com

Don Bright · Dec 7, 2003

Quote from lescor:

Biefing.com's InPlay and TheStreet Notes morning report from realmoney.com

Hi Corey...you're are the perfect example of either "just do it" or "don't do it"....but don't waste time analyzing this simple strategy to death...

Good Job....keep it up!!

Don

astocktr8r · Dec 8, 2003

Quote from mgkrebs:

Corey - what service are you using to filter out news and earnings stocks?

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My experience has shown me to throw out earnings stocks. I generally disregard news since people can interpret it in different ways but to watch carefully earnings upgrades/downgrades and adjust my orders accordingly.

Most of the time it works. Today wasn't one of them. Baxter is on my list. I adjusted my order to a wider envelope and got filled at the exact price of my order. The stock kept running away.

Some days it works, some days it don't.

Don Bright · Dec 8, 2003

Quick nickel on TXN, that's it...a little cautious with the asia/europe downside this morning. Went in at .5 envelope (wider than indicated by spoo spread).

I'll check on the bootcampers a bit later...playing with software this morning.

Don

GapTrader · Dec 8, 2003

Quote from astocktr8r:

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My experience has shown me to throw out earnings stocks. I generally disregard news since people can interpret it in different ways but to watch carefully earnings upgrades/downgrades and adjust my orders accordingly.

Most of the time it works. Today wasn't one of them. Baxter is on my list. I adjusted my order to a wider envelope and got filled at the exact price of my order. The stock kept running away.
Some days it works, some days it don't.

I think if you include news stocks that you have to make sure your news winners are bigger than your non-news winners are because news stocks that are losers tend to be bigger than no-news losers (it least for me that is the case). Also, you never no how news will affect the stock. I got filled on BAX today too and lost 0.35, but got filled on PPP (it also was upgraded) but managed to get 0.55 profit (could have taken much more if I had waited a bit longer, but oh well).

Don Bright · Dec 8, 2003

My history with news stocks pretty much follows the wall street axiom of "buy on rumor, sell on news"....so we don't mind taking that opening gap when CNBC and the guys on briefing.com etc. get the news and buy...we actually add shares at times. The pullback is often times greater.

Don

Don Bright · Dec 9, 2003

Tuesday, small....I did my openings "on the big wall" for everyone to see....(not a big deal, just a big wall...lol)....

2 for 3 up about 12 cents (coulda been more, as always, but I needed to get back to the office).

Bootcamper records are the best yet!!

I will post the complete opening stats at the end of next week!!

Don