Monday woes continue as it was literally a carbon copy of Friday, serious energy move yet I could not score the way I did on Friday. A sudden collapse on energy after what seemed to be a solid breakout and it buried my hope of having a good day as I already missed the initial technology sell-off.
13000 shares on 7 of 11 shooting, +578 before commissions, +150 after. Going to talk to my boss about lower bullet costs and lower capital requirement, I am saving toward an apartment next 12-18 months and I would like to start collecting full pay checks once I have 25K in my account instead of 35K. The firm changed its capital requirement about a month or two after I joined, it is a little thing and I am almost sure he would do it for me. The way I see it, less money you have associated with the firm, better for you.
I removed those filters from my screen today, the truth is if you are going to trade filters you probably have to trade them from the get-go, especially with the 3 day reversal types. There is no way in the world I can trade filters and sectors at same time off the open, and while I will still experiment with Tony's set-ups I am more willing to look at some charts the night before so I know what I am going to trade when the market opens. Trading whatever popping up on that filter just doesn't work for me and proved very distracting. If I am looking for a potential bottompick I will have it ready before the market opens.
Pre-Market: Surprisingly light on sector news, perhaps I should start focusing on earnings news more.
9:30: Little pop on futures and I went long on TYC at 50.10 anticipating a bounce for a gap-fill, out quickly for a dime profit as it was obvious that it is going nowhere. XBD sell-off and I bulleted LM at 43, this stock just refused to move today with the index and I was chipped in him all day, did make a little money after bullet cost but nothing to write home about. XNG quickly sold off and there was a big gap-up on EOG, bulleted that looking for a fill the gap, got 60 cents there. 15 minutes into the game I was up $400, I thought I would hit another four digit game today, boy was I wrong . . .
9:45: OSX reversal, seen it before, long HP for a quarter move when SLB showed sign of weakness, thought it was a squeeze and bulleted a little EOG again at 38.5, OSX made another leg and I saw XNG/APA/APC upticking, I knew I was in trouble but I covered just a tick too late, could have got out for flat instead not only I took a 30 cents loss I flipped into a bad fill at 38.79. Took SGY at 39.61, this stock lagged OSX sooooo much today that it went up after OSX pulled back, I was out for a small loss and it went up 0.75 point.
10:22: OSX hitting a new high, I took DO and RIG, I was in the money by a quarter and everything looked great, all of a sudden BID got hit and I pared half out but held the other half, and the index just folded as offers showed up everywhere, by the time I got out, I ended up flat on those two positions. Fortunately I took a pair of 20 cents scalps on NSM and DO . . . But I churned a lot of EOG . . . It did fill the gap, in final hour, and I wasn't short anymore.
3:00: No trades in between, slow sell-off, if you weren't already short, too late, I was able to scalp a little GE and TYC, but overall, it was not a strong performance on my part, as I really really should have capitalized more on that energy move in the morning.
Two games left in the month, I hope I can finish with 8K . . .
) Jt