Weinstein Trading and Fading
- Thread starter Robert Weinstein
- Start date
Quote from ~~~:
Congrats on buying your new hse.
my tranquility sanctuary will only be ready next year .. i am very excited and plan to have a lotus, water lilies pond and williow trees etc (kinda like claude monet's pic) finally my dream hse come true.
Well we dont have water lilies or nice calming willow trees or even a lotus but we do have a screaming baby and two young boys trying non stop to get into trouble.........
Lucky the house is a lot bigger and maybe I can find a place to hide once in a while
Trading results 5/27/10
Endless hours of watching âMudâ come out of a broken well in the Gulf
By the end of yesterday I had built up the largest long with BP to date. I was short Puts in various strikes and months and long BP stock. Although I did get shaken out of about half my shares in afterhours last night I hung on to take a nice gain today. I once again was shaken out of my position with BP in afterhours today although that was a short. Holding on another 10 minutes would have made a big difference but today was all good regardless. After watching the video about as late as I could I went to bed and then woke up on my own about 5am and walked over to the computer to see what it was trading for. I had my hopes up a bit but it bounced about $2 in early morning trading as the plan to stop the oil appeared to be going as planned. Just about every option I wrote, both calls and puts would be in the green if the opening price was near the price it was trading at. I covered about half and took one of the largest gains in one stock that I had in months. As the day wore on I closed out some puts and some calls and the timing seemed to be going like clockwork and I covered the rest of the shares near the HOD in early after the bell trading. I covered the options at prices I was very happy with.
BP + 2774
MON 89
NTAP + 146
BP Oct40P + 253 still short two contracts
BP Jul 40P +47
BP Jun 47.50C + 145
+ 3456
Endless hours of watching âMudâ come out of a broken well in the Gulf
By the end of yesterday I had built up the largest long with BP to date. I was short Puts in various strikes and months and long BP stock. Although I did get shaken out of about half my shares in afterhours last night I hung on to take a nice gain today. I once again was shaken out of my position with BP in afterhours today although that was a short. Holding on another 10 minutes would have made a big difference but today was all good regardless. After watching the video about as late as I could I went to bed and then woke up on my own about 5am and walked over to the computer to see what it was trading for. I had my hopes up a bit but it bounced about $2 in early morning trading as the plan to stop the oil appeared to be going as planned. Just about every option I wrote, both calls and puts would be in the green if the opening price was near the price it was trading at. I covered about half and took one of the largest gains in one stock that I had in months. As the day wore on I closed out some puts and some calls and the timing seemed to be going like clockwork and I covered the rest of the shares near the HOD in early after the bell trading. I covered the options at prices I was very happy with.
BP + 2774
MON 89
NTAP + 146
BP Oct40P + 253 still short two contracts
BP Jul 40P +47
BP Jun 47.50C + 145
+ 3456
Last day of the month and I was able to add a little to account
For the most part I had a good day. My BP puts took a little bit of a beating but I am still comfortable holding but I did not add to them today waiting to see how the market shapes up on Tuesday. I expect up and especially down I will be looking to add more BP put shorts that are long dated. Or maybe I will do some covered calls and do some dividend capture. There is plus and minuses to each so I will work that out before Tuesday.
When the market fell hard the first time I thought a good way to gain some exposure was via the SPY options as it limits my risk and little if any time premium is lost intraday even if IV does move around a bit. The spreads were a killer and the transaction costs killed me too. Between the spreads and the commissions I went from near or better than breakeven to -200 and so I will not be using options in the future for this type of trade. The commissions was about 95 as I tried to work the trade and since the rules dont allow me to bid and offer at the same time I kept having to remove orders which of course is an expense. I think in the future I will use the SSO as it does not have such a large price tag and the it has much greater flexibility. I believe using the SSO would have turned the one trade with a market direction trade from a loser to a winner. I have been writing in an option thread about my frustration with options and this brings it all home of what I have been writing.
Overall I am pretty happy with my trading today but I probably should have passed on the last SPY trades as the risk to reward was not super high. I am glad to end the day on a good note and the month on a good note as well. My gains for the month are outstanding in my opinion as I gained over 20% on a time weighted average which is what I would like to see for myself. This is what I expect out of a trading month and so I have no complaints and glad to be on the right path for a second month in a row. Perhaps the best part is my risk level is much lower so going foward I will experience much less huge hits as I
AGN + 10
BCSI + 46
BP + 115 this was a nice bonus especially in light of the azz kickings I have taken recently with afterhours BP trading. I put an order in at 42.50 and thought that if it gets hit great and if not that is fine too after seeing some large moves after hours. Sure enough it was hit while I was talking with an insurance agent and I came back to see I was long BP and that the price moved up to give me a nice gain which I took even if it was for only a few shares. Almost like a mail in rebate for the last two days as this pattern of wild swings continued even today.
DECK +30
GS Jun 145P â 47 I rolled the jun 145 into the Jul 130P on the large move higher by GS. This gets me out of the money again and with any luck I can just watch the time decay work itâs magic.
JCG +66
MON + 18
NTAP + 8
OVTI + 335
SPY Jun108P + 44
SPY Jun 109C + 46
SPY 110P â 206
Lot of small wins and losers as I kept the stops very tight today. I wanted to end the month on a good note and go into the weekend with a few more dollars than I started the day with. I was able to gain both objectives and starting June on a good note as well.
+ 470
For the most part I had a good day. My BP puts took a little bit of a beating but I am still comfortable holding but I did not add to them today waiting to see how the market shapes up on Tuesday. I expect up and especially down I will be looking to add more BP put shorts that are long dated. Or maybe I will do some covered calls and do some dividend capture. There is plus and minuses to each so I will work that out before Tuesday.
When the market fell hard the first time I thought a good way to gain some exposure was via the SPY options as it limits my risk and little if any time premium is lost intraday even if IV does move around a bit. The spreads were a killer and the transaction costs killed me too. Between the spreads and the commissions I went from near or better than breakeven to -200 and so I will not be using options in the future for this type of trade. The commissions was about 95 as I tried to work the trade and since the rules dont allow me to bid and offer at the same time I kept having to remove orders which of course is an expense. I think in the future I will use the SSO as it does not have such a large price tag and the it has much greater flexibility. I believe using the SSO would have turned the one trade with a market direction trade from a loser to a winner. I have been writing in an option thread about my frustration with options and this brings it all home of what I have been writing.
Overall I am pretty happy with my trading today but I probably should have passed on the last SPY trades as the risk to reward was not super high. I am glad to end the day on a good note and the month on a good note as well. My gains for the month are outstanding in my opinion as I gained over 20% on a time weighted average which is what I would like to see for myself. This is what I expect out of a trading month and so I have no complaints and glad to be on the right path for a second month in a row. Perhaps the best part is my risk level is much lower so going foward I will experience much less huge hits as I
AGN + 10
BCSI + 46
BP + 115 this was a nice bonus especially in light of the azz kickings I have taken recently with afterhours BP trading. I put an order in at 42.50 and thought that if it gets hit great and if not that is fine too after seeing some large moves after hours. Sure enough it was hit while I was talking with an insurance agent and I came back to see I was long BP and that the price moved up to give me a nice gain which I took even if it was for only a few shares. Almost like a mail in rebate for the last two days as this pattern of wild swings continued even today.
DECK +30
GS Jun 145P â 47 I rolled the jun 145 into the Jul 130P on the large move higher by GS. This gets me out of the money again and with any luck I can just watch the time decay work itâs magic.
JCG +66
MON + 18
NTAP + 8
OVTI + 335
SPY Jun108P + 44
SPY Jun 109C + 46
SPY 110P â 206
Lot of small wins and losers as I kept the stops very tight today. I wanted to end the month on a good note and go into the weekend with a few more dollars than I started the day with. I was able to gain both objectives and starting June on a good note as well.
+ 470
Children...
When they are not screaming, crying or fighting
They are like cute little angel
When they are screaming, crying or fighting
They are like cute little monster :eek:
and no matter what, we love them
When i first started out working back from the states, i rented a mini-tiny room to save $ (the small room is smaller than the prison cell in Alcatraz Island) but Life is Great ... i worked hard and get pay back decently.
Claude Oscar Monet is one of my favorite Artist...
i went to Giverny, France just to look at his water garden.
that's how crazy and passionate i am when i am into something
whatever i do, i try to do it 101%
i am really excited about my new hse...
i gotta have a blooming flower garden and a lotus, water lilies pond, japanese bridge and a pleasure pavilion. In the morning while i enjoy my cup of tea, i can admiring the rays of orange sunshine stroking the japanese bridge while light mist raises from the water lilies pond, weeping williows caressing the surface of the water, offering waves on to the blooming water lilies pond.
In the evening, when the day begins to fade away, i can enjoy a glass of wine by the lilies pond watching the last rays of the sun dance on the water.
back of the hse, an infinity swimming pool is facing the ocean far away ..my hse is going to be my sanctuary.
i always tell people ... don't worry too much about $ because when i first started out.. i was poor and broke but believe in yourself and work hard.. the sweet rewards will come to you ...
p/s i gotta go for my yoga now and wish you and your family a great weekend and good trading.
Hello Henry,
I am unsure what context this is in so based on my best guess I would say that a 52 week high is for me (and most everyone I believe) an intraday high at the time that is higher than any price in the preceding 52 weeks of trading and a close that is a higher close than any in the preceding 52 weeks.
Again the context may change my answer but off the top I would say that "smoothly trending" is not relevant at least to me. I would also add that "smoothly trending" is subjective as well so hard to define without exact perimeters.
I hope that helps either describe it or at least describe it as how I qualify a 52 week high
Best to you
Robert
A new month begins
I knew it was going to be a crazy day with BP trading in Germany down as much as it was. I was not very long going into the weekend but enough to feel some heat. 2 50Puts and 2 40 puts held my head underwater as the market opened up but I also started buying and trading BP in premarket and shortly after the market opened up I was holding a nice gain. I traded BP some more during the day and was up very nicely until the afternoon. I gave back some of the gains made as I cut my losses by trying to trade around the âspillâ. I closed the day with a large net long BP between stocks and puts I wrote so without question I would like to see something good come out of the gulf soon. BP was good to me last month and could turn into a real nice (or ugly ) trade this month. I do start to wonder sometimes how much of the media is playing a part to drive the price down for people in the know to be buying up shares. This reminds me a lot of GE and how they were going to go under due to a negative net worth right at the bottom of the price move. The pricing is getting to the point of being beyond crazy so I jumped in with both feet and the IV on the options are huge. Oct 25 puts closed near 1.90 each so these people are betting the price goes below 23 which it might but talk about some long almost lotto odds. Still in GS with one put and even that was beat up in the sell off.
PANL unqual B6 + 283
BP Jul30P + 18
BP + 345 still very long into the open tomorrow
BCSI + 16
+ 663 although it doesnât feel like a winning day with my NAV taking a hit
I knew it was going to be a crazy day with BP trading in Germany down as much as it was. I was not very long going into the weekend but enough to feel some heat. 2 50Puts and 2 40 puts held my head underwater as the market opened up but I also started buying and trading BP in premarket and shortly after the market opened up I was holding a nice gain. I traded BP some more during the day and was up very nicely until the afternoon. I gave back some of the gains made as I cut my losses by trying to trade around the âspillâ. I closed the day with a large net long BP between stocks and puts I wrote so without question I would like to see something good come out of the gulf soon. BP was good to me last month and could turn into a real nice (or ugly ) trade this month. I do start to wonder sometimes how much of the media is playing a part to drive the price down for people in the know to be buying up shares. This reminds me a lot of GE and how they were going to go under due to a negative net worth right at the bottom of the price move. The pricing is getting to the point of being beyond crazy so I jumped in with both feet and the IV on the options are huge. Oct 25 puts closed near 1.90 each so these people are betting the price goes below 23 which it might but talk about some long almost lotto odds. Still in GS with one put and even that was beat up in the sell off.
PANL unqual B6 + 283
BP Jul30P + 18
BP + 345 still very long into the open tomorrow
BCSI + 16
+ 663 although it doesnât feel like a winning day with my NAV taking a hit
Robert please share with us how one buys a bigger home when they've had little income in the past few years?You must be independently rich and keeping it a secret.