Happy Valentine - See you in NYC - Trade Update

T

TonyOz

I wanted to wish you all a happy Valentine's day. The trading week is over early for me as my better half planned this "treat yourself" day at Burke williams for the both of us, and I will be catching a plane tomorrow morning.

As to trading, this was the "wrong" day to carry shorts overnight. The way my trading went was as so.

NVLS shows up on SKY Scraper, so I take a short position in AMAT, KLAC and NVLS. All my shorts from overnight are showing me an additional profit from yesterday's close.

ITMN was trading at the low 43's and started ticking up. I covered at 43.43. Original short was @ 45.

Then started concentrating on the fast movers (the three semis) and completely ignored the other thin stocks. I added to my semis shorts and got somewhat greedy as I only covered AMAT. Got squeezed on KLAC and watched $800 profit deplete to $351.76. Got squeezed on NVLS as well and booked $467.80. By the time I was done with the semis, all the thin stocks went red on me ---- damn!

I had to pay up as there was no liquidity and a big spread, and I have to close the positions.

Covered NTBK @ 14.998 Original short @ 14.72 -$280
Covered IMMU @ 16.00Original short @ 16.02 +$20
Covered REGN @ 24.98 Original Short @ 25.05 +$70
Covered INHL @ 13.76 Original short @13.68 -$80
Covered ITMN for a total profit of $1385.50

Total for trades opened yesterday: $985 after commissions.
Total for trades opened today: $2,667.56 after commissions.

Attached is the screen shot. If you missed y'day screen shot you can see it here: http://www.elitetrader.com/vb/attachment.php?s=&postid=41903

If you find these posts valuable, please let me know. Also please let me know how I can make them better.

Looking forward to meeting some of you in NY.

Tony

PS: The mistake I made today was having 8 open positions at the same time with three fast movers. It could have been a lot worse ...
 

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Yes, it is still the same. Call me anytime.

God what happened to the market? It was up big when I left. I just walked in. Damn I want those shorts back. But, how could I possibly hold them???

Oh well, still made money and should not complain.

The massage was very relaxing ... until I saw the closing numbers :)

T
 
BTW, the restaurant I mentioned in a previous post can be seen here http://www.tuscansteak.com/ny/index.html

I recommend the 14oz NEW YORK STRIP STEAK PARMESAN CRUSTED WITH BLACK PEPPERCORN SAUCE

and you have to leave room for the TIRAMISU IN A CHOCOLATE BOX WITH ESPRESSO BRITTLE FINISHED WITH COFFEE SAUCE

Yum!

See you there,

Tony
 
Tony, just a quick question. did you play LNCR on Feb 11th 2002 as skyscraper? is yes could you talk a little about the trade? Thanks
 
Tony Oz said:

"If you find these posts valuable, please let me know. Also please let me know how I can make them better. "

I would be very interested if you would tell us a bit about your exit strategies, using these trades as examples.
 
Tony,
I really appreciate your posts (and books). I'm looking forward to meeting you at the OTE this weekend.
I think it would be nice to see more of your thinking like you had in The Stock Trader. For example, why you picked the stock, where you set your initial stop loss point, your profit target(s), and the reasoning behind them. While a lot of this might be apparent to an expirienced trader who looks at a chart, those that are learning or have a different approach might not see it as easily.
 
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