8/11/11
Gross: +142
Shares: 10,000
Net: +97
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Well.... Today's results are an example of how I have absolutely no experience in this kind of market. I found great trades, I had no idea how good they would be.
My mentality for a volatile market is to take profits before the market takes them away. There were a few points where the market seemed like it wanted to sell off and break the uptrend.
I suppose I should have expected a bounce even though I am bearish. But I have never seen the S&P move like this. I can't believe we closed at highs after that big of a move.
So be it.
I read the tape fine, I just had no idea the market was capable of this. I can understand -5% days due to the force of fear, but +5 or 6% ??? New to me, I wasn't here for the 2008 crash.
Could have had a great day, but I didn't attack positions, they required more risk that I like to give trades. Market was up big, but I wouldn't call it EASY. I've had easier days.
I'm just not used to the market taking price that far. Phew. All these idiots buying highs are gonna get smoked.
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Notable trades:
1. SLE - SLE set up at 16.50. Did not bounce with market. Tried to break, failed and boom, blasted up. I shorted 16.50 but immediately covered when it failed. Another trade took the long and was handsomely rewarded for my callout.
2. Bought POT down at 53.18, sold at an average of like 53.50. Only had piker size, was unable to capture more of the move. Grrrrr, I took the trade because agricultural stocks had relative strength in the morning, and some selling sweeps were holding POT back from his friends. Eventually the market blasted and the ags ran and the selling ended.
3. Tried shorting DRI up at around 48. Hahaha, any other day it would have probably been a decent idea, but it held up as the market chose not to roll over, and the MA's caught up and stopped me out. It was actually a sick long setup, ugh.
4. Shorted MOS up at 65, again expecting some resistance. I covered in the 64.50s and 64.60s, turned out to be a winner. I went to lunch, came back and the market made new highs along with MOS. hahaha good outs
5. Bought MCP on a dip to 53. Sold after 40 cents. Did not catch the second dip, wish I did.
6. ARUN - UGHHHH. ARUN had a level at 21.50. It broke, I watched, it failed, then it broke above again, looked stronger as bids came in. I bought 59s, not good prices, wasn't happy about it. However it began to work. Market was strong. ARUN pulled back to 47 cents, stopped me out and ran. God damn it. I wanted to buy this before the level but I hesitated.
7. Tried some other shorts near the end of the day
PRE - The short worked but I was too early, too many morons buying highs.
BSFT - Stock was making new highs as the market was finally rolling over. Finally a decent looking trade. Shorted at 31, covered at 68 a minute before the close.
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Got piker size all day. It just seems with the markets as crazy as they are, CLEAN setups are hard to find, which are what I usually attack. I way to get size seems to be to come up with an idea, and buy dips. You have to be more anticipatory than usual.
So, in the POT trade, I could have bought dips at around 53 and below to get acceptable risk for more size. I KNEW it was going higher, I was just afraid of lame jigs.
Same thing with ARUN, could have been anticipatory and gotten more size at better prices.
Wanted to get bigger in BSFT, but after 2 failed attempts at shorting highs, I was not as confident.
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Tomorrow is another day. I do NOT expect another +5% day.
Gross: +142
Shares: 10,000
Net: +97
----------------------------
Well.... Today's results are an example of how I have absolutely no experience in this kind of market. I found great trades, I had no idea how good they would be.
My mentality for a volatile market is to take profits before the market takes them away. There were a few points where the market seemed like it wanted to sell off and break the uptrend.
I suppose I should have expected a bounce even though I am bearish. But I have never seen the S&P move like this. I can't believe we closed at highs after that big of a move.
So be it.
I read the tape fine, I just had no idea the market was capable of this. I can understand -5% days due to the force of fear, but +5 or 6% ??? New to me, I wasn't here for the 2008 crash.
Could have had a great day, but I didn't attack positions, they required more risk that I like to give trades. Market was up big, but I wouldn't call it EASY. I've had easier days.
I'm just not used to the market taking price that far. Phew. All these idiots buying highs are gonna get smoked.
-----------------------
Notable trades:
1. SLE - SLE set up at 16.50. Did not bounce with market. Tried to break, failed and boom, blasted up. I shorted 16.50 but immediately covered when it failed. Another trade took the long and was handsomely rewarded for my callout.
2. Bought POT down at 53.18, sold at an average of like 53.50. Only had piker size, was unable to capture more of the move. Grrrrr, I took the trade because agricultural stocks had relative strength in the morning, and some selling sweeps were holding POT back from his friends. Eventually the market blasted and the ags ran and the selling ended.
3. Tried shorting DRI up at around 48. Hahaha, any other day it would have probably been a decent idea, but it held up as the market chose not to roll over, and the MA's caught up and stopped me out. It was actually a sick long setup, ugh.
4. Shorted MOS up at 65, again expecting some resistance. I covered in the 64.50s and 64.60s, turned out to be a winner. I went to lunch, came back and the market made new highs along with MOS. hahaha good outs
5. Bought MCP on a dip to 53. Sold after 40 cents. Did not catch the second dip, wish I did.
6. ARUN - UGHHHH. ARUN had a level at 21.50. It broke, I watched, it failed, then it broke above again, looked stronger as bids came in. I bought 59s, not good prices, wasn't happy about it. However it began to work. Market was strong. ARUN pulled back to 47 cents, stopped me out and ran. God damn it. I wanted to buy this before the level but I hesitated.
7. Tried some other shorts near the end of the day
PRE - The short worked but I was too early, too many morons buying highs.
BSFT - Stock was making new highs as the market was finally rolling over. Finally a decent looking trade. Shorted at 31, covered at 68 a minute before the close.
------------
Got piker size all day. It just seems with the markets as crazy as they are, CLEAN setups are hard to find, which are what I usually attack. I way to get size seems to be to come up with an idea, and buy dips. You have to be more anticipatory than usual.
So, in the POT trade, I could have bought dips at around 53 and below to get acceptable risk for more size. I KNEW it was going higher, I was just afraid of lame jigs.
Same thing with ARUN, could have been anticipatory and gotten more size at better prices.
Wanted to get bigger in BSFT, but after 2 failed attempts at shorting highs, I was not as confident.
------------------
Tomorrow is another day. I do NOT expect another +5% day.
