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Post by cosmic on Oct 28, 2010 15:22:27 GMT -5
Not much today except watching my SPY puts get clobbered again. I'm going to see if I can get .40 or so for them tomorrow - but I doubt it. Again it's not a big position but again a demonstration to me at how they can whiffle down an option in no time. It's more the idea that hedging SPY against BAC (more or less) was a bad move. Both are pitiful lol.  So as I stare at the 75% loss (only one chance ever to get out with a .02 profit), I just remember the immortal words of Demanuel... "Bots don't matter" And then I add, Decay: It means to rot.  No trades ;D Hope everyone made some money today and will do so tomorrow. Members, please post your results along with your RDA of smileys!  |
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Post by cosmic on Oct 28, 2010 15:23:23 GMT -5
On behalf of Brosin:
Real Life
FFR was level yet again at .19%. FOMC meeting is coming up fast, and the market is not showing the signs of the drop yet
My FAS still wallowing.
I'm headed out of town for the Halloween weekend in about 20 minutes, so I will catch you guys all on the flip side (unless I check in from my phone). Everyone have a fun and safe one!
Monopoly World tracked in the blog - pretty light day other than some options plays. Did not reallocate, will need to do that over the weekend if I'm seeing toppish action.
Big Cap was up 1% on the day, no moves
remains 72% long
Scalp Acct - no moves, -1.1% on the day, unrealized 3.6% in CHK & -2.3% in FAS
Options Acct - fairly good day, slightly green; could've been much better, but closed out a monster $117 weekly SPY call position at avg of $1.54. Bought at $1.42, +8.5% on the trade
-Sold 300 @ $1.85, bought those back $1.72
-bought more $1.62, $1.48
Then the floodgates opened for me.. Sold 200 contracts each @:
$1.58, 1.55, 1.64, 1.59, 1.53, 1.61, 1.53, 1.47, 1.49, 1.48, 1.32
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Post by demanuel2001 on Oct 28, 2010 15:32:23 GMT -5
Well - I had a great day again today - not as great a day as it could have been because of my having flattened my LVS position while I was on vacation. Still, looks like a +$35k day for me and new all-time portfolio highs - pretty much all driven by the LVS post-earnings price surge. Did buy some more SKX after their plummet this morning. Shuffled my LVS position around a but - probably gave away money there but I think there's a method to my madness - at the moment my options position is all Nov - need to start thinking about December options next.
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Post by tajmahal9898 on Oct 28, 2010 15:34:49 GMT -5
didn't close anything today...
bot more BIDU weekly 110 calls and
AAPL 300 weekly calls
AAPL calls are up nicely >30%...
I have more options then I can exercise at this point.. even with margin.. i need to close options tomorrow or call the option advanced desk for an exception.. today they didn't let me close the long call legs because of high margin requirement of the naked short long leg... tomorrow they will allow it around 3 pm depending on the market condition...keeping my fingers crossed..
Portfolio up...
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Post by ask2lern on Oct 28, 2010 15:37:26 GMT -5
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Post by sp7015 on Oct 28, 2010 15:45:18 GMT -5
Came out good today by the skin of my teeth. First, Like an idoit I used my only daytrade on buying 8 aapl $300 calls at market open when aapl stock was $306.22 for $7.20. I held until on watching my account go down $1000, $2000, and finally $3480 when aapl stock was $300 and my options were $2.85. At this point I sold all the aapl stock I had, still holding my options that had lost me so much money, and bought 290 weekly calls for 12.20 and Nov. 280 calls for $25.80. Finally the apple gods jumped and the stock reversed. Now I was watching my account go from down $3480, down $2000, down $1000, down $500. I unlost a crap load of money.  If I would have had another day trade I could have adveraged down when the 300 weekly calls were $3 instead of buying the $290 weekly's and the 290 Nov calls. I would have been able to buy 12 300 weekly's and I would have ended up making $3600 instead of loosing $500 today. And that my friends is why having to watch out for being a patterned day trader really hampers one when trading weekly options. Also, to explain how bad decay is on weekly options I pretty much sold my options around the same stock price that I bought them at and they had lost $1 in TP. Leasons Learned- Don't chase on options (this is what I did this morning instead of being patient and waiting for the stock to actually bottom)
- Exit a loosing trade faster
- Save up day trades.
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Post by jack on Oct 28, 2010 15:45:39 GMT -5
Gotta be more careful what I wish for I guess...
Glad I sold that FNSR contest winner of mine last week for 70% because at one point today it was down 17% on lousey earnings FROM ANOTHER COMPANY IN THE FIBER OPTICS SECTOR!!!!
I bought back in and now up 8% from the entry
2-3 more days of this kind of market before all hell breaks loose Nov 3rd imo.
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Post by timber on Oct 28, 2010 15:46:28 GMT -5
i did pretty good today....all my trades worked out well
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Post by tajmahal9898 on Oct 28, 2010 15:52:21 GMT -5
Came out good today by the skin of my teeth. First, Like an idoit I used my only daytrade on buying 8 aapl $300 calls at market open when aapl stock was $306.22 for $7.20. I held until on watching my account go down $1000, $2000, and finally $3480 when aapl stock was $300 and my options were $2.85. At this point I sold all the aapl stock I had, still holding my options that had lost me so much money, and bought 290 weekly calls for 12.20 and Nov. 280 calls for $25.80. Finally the apple gods jumped and the stock reversed. Now I was watching my account go from down $3480, down $2000, down $1000, down $500. I unlost a crap load of money. If I would have had another day trade I could have adveraged down when the 300 weekly calls were $3 instead of buying the $290 weekly's and the 290 Nov calls. I would have been able to buy 12 300 weekly's and I would have ended up making $3600 instead of loosing $500 today. And that my friends is why having to watch out for being a patterned day trader really hampers one when trading weekly options. Also, to explain how bad decay is on weekly options I pretty much sold my options around the same stock price that I bought them at and they had lost $1 in TP. Leasons Learned- Don't chase on options (this is what I did this morning instead of being patient and waiting for the stock to actually bottom)
- Exit a loosing trade faster
- Save up day trades.
I hear you man.. I got some 300 APPL calls when APPL was between 301-302...it's too risky for my blood but somehow i pulled the trigger.. |
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Post by demanuel2001 on Oct 28, 2010 16:06:00 GMT -5
i did pretty good today....all my trades worked out well So what's the secret Timber - did you use a dartboard or roll dice? |
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Post by Rothschild on Oct 28, 2010 16:49:02 GMT -5
Sold my banking stocks within the first ten minutes of the market open and made 2.5% for the day. Since I only got four hours of sleep last night, I decided to get some more sleep and missed the rest of trading. I wouldve bought back when we were down but I remember Cobra saying 13 of the last 14 times during the end of month the market is DOWN so I decided to just sit it out. Cosmic, win some and lose one or two..... all part of the fotunes of war. Youre a great trader and will make it back and then some. I still thank god that I found fastopia; a wonderful place to exchange ideas and learn more about this crazy stock market. Ive been in the busniess some thirteen years and I feel that I am learning something new everyday. Everyone here, to my mind, are superb traders and I really love this thread. Hope everyone made a bundle of dough today and will make more ad infinitum. |
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Post by popistoc on Oct 28, 2010 18:18:20 GMT -5
In and out of TNA with small gain/loss. Sold the big 2 NFLX 175 puts at 3.15 somehow and still have the 50 sh short VVUS.
GLTA,
popistoc
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Post by kbk3ck on Oct 28, 2010 18:22:31 GMT -5
Sold my TNA this morning at $53.8 for a nice little profit.
Bought it back at $52.15. And didnt make squat!!!!
Going eat Mexican food and drown my sorrows and watch the
Rangers.
I guess its not that bad of a day after all.
LOL
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Post by exabi on Oct 28, 2010 18:32:11 GMT -5
Gave an offering to the options gods today, not by choice. Bot the NFLX weeklys calls yesterday, sold today at a large %loss, small position. Maybe they will be appeased for a bit. If you get on the wrong side of 'em, your fooked.
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Post by Cosmic on Oct 28, 2010 18:51:26 GMT -5
Gotta be more careful what I wish for I guess... Glad I sold that FNSR contest winner of mine last week for 70% because at one point today it was down 17% on lousey earnings FROM ANOTHER COMPANY IN THE FIBER OPTICS SECTOR!!!! I bought back in and now up 8% from the entry 2-3 more days of this kind of market before all hell breaks loose Nov 3rd imo. Jack, I own OCLR mwahahahahahahah |
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Post by actuarynomore on Oct 28, 2010 21:27:24 GMT -5
I wasn't able to spend much time in front of my PC today so I put a limit order in to sell 500 FAS at $21.90 and buy 500 FAZ at $12.77.
FAS hit $21.90 twice ever so briefly and my order didn't get executed and FAZ hit $12.76. I talked to Scotturd about the FAS trade and they told me that only 9,000 shares of FAS actually sold at $21.90 and someone with a large order was sitting in front of me.
Oh well - Three days in a row without a trade - Kind of sucks but I truly believe things are gonna be rockin' and rollin' soon - Either way, I don't care.
I wish everyone the best and look forward to rubbing elbows tomorrow - Dave
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........................still holding SDS and SH....first is red other is green.....................Exalt for Cos....................Live to trade another day......................GLTA
