Weinstein Trading and Fading

Quote from jnbadger:

So much for the consolidation and the subsequent move higher. :D

Just a couple of buyers here at 38.

Yes it should be nice. Need some rain though. I drove through your neck of the woods yesterday. The dust coming off of the farm fields was ridiculous.
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I watched the FB crazyness for a while. back to work for me now. option expiration day.

Gonna talk to the Lightspeed folks Monday, you don't use them do you?? Trying to gain some feedback. I watched an option webinar they hold ever once in a while. Good webinar, but way to basic for "traders", more geared towards the newbies.

My wife wants to put inground sprinklers in this year. Gonna try to hold her off one....more.....year....lol
 
No lightspeed for me. I use Green Mountain through Echotrade.

Good luck with the sprinkler discussion. Hopefully it rains soon so you can hold her off for a while. :cool:
 
Quote from Robert Weinstein:

no, I am still long rimm calls. I been writing weeklys up until about 10 or so days ago and I wrote the April 15s.

I am currently underwater with RIMM, but not by a whole lot as the covered calls have brought my basis to around $14.50ish

The current price is near the carry away dead price so I see little downside risk relative to an upside bounce on good news.

Still is starting to look much like COCO did last year. Only with COCO I sold every bounce and bought back most of the drops. I may add some RIMM to bring my basis down further and write calls against it. upon a bounce let it go and if it fades back lower pick some more up.

The problem I have with this strategy is Rimm at some point is likely to move up over $20 again and a lot will be left on the table if I am only writing covered calls. I will have to see what the premium levels look like to decide.
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it's been a while Bob but have to keep you honest since you sounded so sure on this trade :eek:
 
No one can predict how incompetent RIMM has become. This is a technology company that keeps delaying its technology. You cannot compete if you don't introduce the next model.
 
Quote from mastacoli71:

it's been a while Bob but have to keep you honest since you sounded so sure on this trade :eek:
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Good idea. yes it's been a while.

RIMM has been good to me, but I haven't traded it in a couple of months.

Have a good weekend

Bob
 
Quote from JB3:

No one can predict how incompetent RIMM has become. This is a technology company that keeps delaying its technology. You cannot compete if you don't introduce the next model.
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I can not agree with you more. Even if the do kick 10 out the door anytime soon. It's not likely they are going to have the ecosphere for app development.

Still, RIMM is trading for not much more than cash

Bob
 
RIMM's performance today was less than inspirational.

I am testing out some new brokers. My account was setup today for the first account I have started in ten years. Will report how it goes.

Zynga reports next week. I wrote about it and I will likely position long Monday as well.
 
Opened an account with Suretrader last week, it's an offshore firm operated by a person named Guy Gentile.

They appeared to have attractive commissions (negotiated) and affiliate program. I am no longer so sure as it looks like maybe they made some mistakes.

I made a few trades. I faded PCS yesterday and made about .33 and went long ACOM and carried overnight. I also carried ACOM long overnight. That worked out well too.

There has been a few bumps along the way. First in the setup process, and then in the funding process. I ran into another issue with commissions/costs that I am waiting to have resolved. It may be a result of a simple level of confusion as a result of a new firm, and I will report back my results.

Hopefully they do the right thing
 
You may want to try and withdraw some money and see how it goes. I guess I am not understanding of why you or anyone else goes offshore for brokerage services. Be careful, and I hope you didn't put alot of money out there.
 
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