Okay, I took a break for a couple weeks after a bad beat on a POS student lending trade(cough FMD)....So Airlines are the target today. I feel like I miss the downside in the morning (I had CPSL short that I covered at 6.90-too early but profitable nontheless) but want to scalp some more on either AMR or UAUA in afternoon. I pick UAUA.
THE POS is steadily dropping. I decide to go small on 500 share trades. I'm a little hesitant fearing some BS news and dead cat bounce. All of a sudden right before 2PM, a huge drop happens to around 6 and change (it won't reflect on the chart now if you check)-I thought it was lights and anticipate a halt so I hold the short but the POS begins to bounce higher I think to 9.25. I decide to cover at like 9.08-9.09 and push on the trade and wipe my hands clean. Who knows, it could of kept going higher on some BS merger rumor for all I knew....
I admit I'm pissed after seeing the the original short profit vanish back to square one. I call Shananigans and re-enter for a scalp into the close. I short 2k shares and get a nice drop into the close. I cover, close the position. It was a revenge trade that I believe I shouldn't have done but I didn't go over aggressive and just chipped a small profit.
For the record, I am flipping long on both UAUA and AMR in low 8's and low 6's respectively for targets of $9-$9.50 and $7-$7.50. They won't bounce as high as the last drop but the trade is there.
BK is always a possibility on any of these individual airlines so be quick. Any dip in oil, will bounce them again.
05/21/2008 13:27:50 Sold Short 500 UAUA @ 9.7301
4,855.03
05/21/2008 13:43:25 Sold Short 500 UAUA @ 9.0501
4,515.03
05/21/2008 14:01:51 Sold Short 500 UAUA @ 8.661
4,320.48
05/21/2008 14:05:47 Bought to Cover 1500 UAUA @ 9.0899
-13,644.84
05/21/2008 14:10:11 Sold Short 1000 UAUA @ 8.9701
8,960.05
05/21/2008 14:17:48 Sold Short 1000 UAUA @ 8.7201
8,710.06
05/21/2008 15:59:51 Bought to Cover 2000 UAUA @ 8.2299
-16,469.79
05/21/2008 10:12:54 Sold Short 3 CPSL @ 7.41
22.22
05/21/2008 10:12:54 Sold Short 197 CPSL @ 7.41
1,459.76
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.41
740.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.43
733.00
05/21/2008 11:21:42 Bought to Cover 1000 CPSL @ 6.9284
-6,938.39
THE POS is steadily dropping. I decide to go small on 500 share trades. I'm a little hesitant fearing some BS news and dead cat bounce. All of a sudden right before 2PM, a huge drop happens to around 6 and change (it won't reflect on the chart now if you check)-I thought it was lights and anticipate a halt so I hold the short but the POS begins to bounce higher I think to 9.25. I decide to cover at like 9.08-9.09 and push on the trade and wipe my hands clean. Who knows, it could of kept going higher on some BS merger rumor for all I knew....
I admit I'm pissed after seeing the the original short profit vanish back to square one. I call Shananigans and re-enter for a scalp into the close. I short 2k shares and get a nice drop into the close. I cover, close the position. It was a revenge trade that I believe I shouldn't have done but I didn't go over aggressive and just chipped a small profit.
For the record, I am flipping long on both UAUA and AMR in low 8's and low 6's respectively for targets of $9-$9.50 and $7-$7.50. They won't bounce as high as the last drop but the trade is there.
BK is always a possibility on any of these individual airlines so be quick. Any dip in oil, will bounce them again.
05/21/2008 13:27:50 Sold Short 500 UAUA @ 9.7301
4,855.03
05/21/2008 13:43:25 Sold Short 500 UAUA @ 9.0501
4,515.03
05/21/2008 14:01:51 Sold Short 500 UAUA @ 8.661
4,320.48
05/21/2008 14:05:47 Bought to Cover 1500 UAUA @ 9.0899
-13,644.84
05/21/2008 14:10:11 Sold Short 1000 UAUA @ 8.9701
8,960.05
05/21/2008 14:17:48 Sold Short 1000 UAUA @ 8.7201
8,710.06
05/21/2008 15:59:51 Bought to Cover 2000 UAUA @ 8.2299
-16,469.79
05/21/2008 10:12:54 Sold Short 3 CPSL @ 7.41
22.22
05/21/2008 10:12:54 Sold Short 197 CPSL @ 7.41
1,459.76
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.41
740.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.42
741.99
05/21/2008 10:12:54 Sold Short 100 CPSL @ 7.43
733.00
05/21/2008 11:21:42 Bought to Cover 1000 CPSL @ 6.9284
-6,938.39