Don's Openings, Part 6 2003

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Tough last couple of days for me.

Yesterday had 6 fills and one tiny winner. Got burned on TOL for .25.

Closed my JCP quickly when it turned a bit red based on the WMT news. Would have been the one big winner. :(

Today, not much better.

longs:

AN +.25 saved the day for the rest of these dogs.
EDS -.13
CVC -.08
ACN -.13

shorts:

HMY -.01
CCE .00 scratch

The longs went down, the shorts went up.

Don't like these dog days of August much.
 
With the power outage I was worried about doing the openings and it was scary watching the fills today, 10 shorts and one lone long position. Would have made more but lowered my share quantity on KSS because of their news, then it was my biggest money maker at one point in time until the specialist gapped the stock up 30 cents to wipe out everyone's stops. Still made money on it.
2 losers, 3 neutrals and 6 winners. Taking the rest of the day off. Have a good weekend everyone.:D
 
Quote from astocktr8r:

With the power outage I was worried about doing the openings and it was scary watching the fills today, 10 shorts and one lone long position. Would have made more but lowered my share quantity on KSS because of their news, then it was my biggest money maker at one point in time until the specialist gapped the stock up 30 cents to wipe out everyone's stops. Still made money on it.
2 losers, 3 neutrals and 6 winners. Taking the rest of the day off. Have a good weekend everyone.:D
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Good Job!!!


Don
 
Definitely concerned when 16 out of 17 were short, but it was pretty much text book on an individual stock basis and a nice morning overall
 
Did anybody do these two on the opening today? or at least see what they did? Stocks that open down 4.5% (ADI) and 6.5% (NAV) aren't supposed to fill their gaps. Actually ADI came within fourteen cents of filling, but NAV did. Does anybody think the action of these two stocks is due to a very thin trading day today, or is it more likely that people misinterpreted their earnings and sold in a panic on the open? TIF did the same thing earlier in the week and LLL did this a couple of weeks ago.
 
Quote from GapTrader:

Did anybody do these two on the opening today? or at least see what they did? Stocks that open down 4.5% (ADI) and 6.5% (NAV) aren't supposed to fill their gaps. Actually ADI came within fourteen cents of filling, but NAV did. Does anybody think the action of these two stocks is due to a very thin trading day today, or is it more likely that people misinterpreted their earnings and sold in a panic on the open? TIF did the same thing earlier in the week and LLL did this a couple of weeks ago.
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Understand that the Specialist will take the stock as far as he can (within reason, of course), and when expecting a slow day, and since he is "participating" in the trade......it makes sense. My suggestion is to not wait for the entire gap to fill. With today's volatility at 13%, be happy with the nickels and dimes on a consistent level.

Don
 
Quote from Don Bright:



Understand that the Specialist will take the stock as far as he can (within reason, of course), and when expecting a slow day, and since he is "participating" in the trade......it makes sense. My suggestion is to not wait for the entire gap to fill. With today's volatility at 13%, be happy with the nickels and dimes on a consistent level.

Don
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Thanks Don
 
The openings are still working fine, but we have to have smaller slingshots (perhaps 6-9 cents), increase your share size (another reason we lowered our rates ot .4 of a penny for the shares in excess of 1000 per order.

We have some new automated software that we'll be showing off at the Show this weekend. This is available to anyone, so you guys from other firms feel comfortable when you come by. Heck, at $49 and a free year's subscription to Stocks and Commodities, it's practically free). www.investoraware.com

Don
 
Looks like all the opening order guys are on vacation too.

Two fills long this morning.

T +.15

GFI +.08

Opening orders haven't been doing very well for me lately. I think the lack of participation makes it very unclear where they go after they open.

Who knows.... just August doldrums.
 
Quote from TonySanDiego:

Looks like all the opening order guys are on vacation too.

Two fills long this morning.

T +.15

GFI +.08

Opening orders haven't been doing very well for me lately. I think the lack of participation makes it very unclear where they go after they open.

Who knows.... just August doldrums.
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It can be a little tougher when there is not much differential between the spot price and the emini's in the morning. Our guys are taking smaller wins (6-9 cents), and trying to remain consistent.

Don
 
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