Don's Openings, Part 6 2003

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Quote from cashonly:

Figured I'd post my results and join the crowd when I don't have too many distractions (DON!!!) and can get some OO's off.

.85 envelope this morning
Got filled on 12:
9 winners
3 losers
Average: 6+ cents per share traded

Biggest loss was MRK and my a** feels sore from what the specialist did to me. I was down a nickel when my order went in and nearly 2 MINUTES later, was down .17 when he finally filled me. No one to blame but myself though... after 30 seconds, my brain should've clicked in and I should've hit an ECN!

After 5 minutes, still had 2 stocks with open orders, so I cancelled them. Glad I did as they both went the wrong way in a big way. Any ideas about what to do if it's a while before a stock opens? Is instance typical... it's not a good OO candidate?
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"Well, at least I (me, myself) made money on MRK (pretty lucky, small "slingshot" at the open....then it turned into either a "great" or "horrible" stock for the next hour....I got lucky, enveloped some sell orders, got big price improvement (sold at .70 on a .59 limit), bought back all the way down to .16 ....

When stocks are delayed on the open, you just want to see where the indication is, and where the other stocks in their sector are trading (and, of course, watch for SPOO reversals, etc.)....If they open quite far away, then you have a better chance for the initial reversal (IMO).

:)
Don
 
Quote from egusc:

I used a .9 envelope and had no fills. No fills is ok with me, I want profitable fills.

MWD is on my list too, it would of took a .6 envelope to get a fill or you did not use the last 9:15 future price. good trade though
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I only entered two open orders so, I used a tighter envelope yesterday.

Got in late today, had to go to traffic court. But, would have been filled on 3 of 13, probably would have made small money on 1 lost on 2.
So, glad I chose today to pay my fine.

Seatbelts everybody.
 
Quote from Don Bright:

Today was good....4 fills, 4 winners up about $800 (40 cents). Needed to adjust the MRK price a bit (based on the opening price indication), but other than that, the 1% envelope worked fine.

Keep in mind that we don't 'run away" from news or earnings, we just want to be aware of what's going on. Like MRK today....taking a small profit turned out to be a good thing (since it flew up after a nice "slingshot" when it crossed past the opening price).


Don
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Just curious as to why you would even attempt to fade good EPS news in this environment? The better trade is to wait for the price to reverse over the open print and be long. That is the money trade, fading good/weak EPS numbers is fruitless in this tape. EK, ABC, and UNH some good recent examples.

Just wondering?
 
Quote from TheCaracal:



Just curious as to why you would even attempt to fade good EPS news in this environment? The better trade is to wait for the price to reverse over the open print and be long. That is the money trade, fading good/weak EPS numbers is fruitless in this tape. EK, ABC, and UNH some good recent examples.

Just wondering?
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Since you said ".....is to wait for the price to reverse over the open print"....you imply that we just made money. This is just the first trade of the day....sell it, cover it, go long at that point....combine all this into trading on the EPS news.

don
 
Quote from Don Bright:



Since you said ".....is to wait for the price to reverse over the open print"....you imply that we just made money. This is just the first trade of the day....sell it, cover it, go long at that point....combine all this into trading on the EPS news.

don
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I know that! (I work at Bright!), was just busting on you..it's just that good news these days is rare..and fading it as Cash said in his post is a bit dangerous. Especially when the stock is oversold.

Check out ABC from Friday..Open 55.10 was 56.25 in 5minutes, despite a 13 point decline in the futures.

I just feel that fading good news in this env. is low odds.
 
Quote from TheCaracal:



I know that! (I work at Bright!), was just busting on you..it's just that good news these days is rare..and fading it as Cash said in his post is a bit dangerous. Especially when the stock is oversold.

Check out ABC from Friday..Open 55.10 was 56.25 in 5minutes, despite a 13 point decline in the futures.

I just feel that fading good news in this env. is low odds.
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(sorry....as you know "screen names" throw me)....

Don
 
Ok Don,

Keep me informed though, you could go around to different firms and talk to traders. I think CNBC should do a peice on day trading firms that survived the fallout. That would be interesting.

- BMW :)
 
This morning:
7 fills:
5 winners
1 loser
1 scratch
4 cents/share gross profit today

Ripoff specialist of the day... Agilent

Best stock of the day had 55 cent profit at max, I let slip to 35 cents... shoulda got out with 41 cents... live and learn

Cash
 
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