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Post by snapplemoney on Oct 29, 2010 15:28:06 GMT -5
No Brosin and no Cosmic  So your friendly neighborhood snap has decided to do the wrap. ;D I pretty much laid back and watch the action today and thought we would close above 1185 to main the road to 1200 however we didnt.  Let see what Monday brings and if we will get to 1200 if not back to the drawing board.  Members post your gains and losses and always may the force be with you!  |
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Post by demanuel2001 on Oct 29, 2010 15:32:42 GMT -5
Got the $1 pop in LVS that I predicted before the open. Otherwise a slow day - up about $12k overall.
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Post by cosmic on Oct 29, 2010 15:33:05 GMT -5
The last I saw the market today we were just green enough to cause any index puts to rot completely. I took that opportunity to exit my SPY puts with a whopping 92% loss. Now of course this was a hedge so small in size, but I can almost guarantee we will see 1170s again next week. Price destruction is happening except for 6 or 7 stocks needed to hold the indexes at a certain level to foil hedgers who use options for that purpose. What bothers me is that the function of hedging - at least to me, is gone. It's become a giant game. And this is not a game. Weekly options ... We are done... Kaputz. I lost all on the hedge and still lost on the position I am hedging. I used to enjoy hedge plays and was successful. Now, I haven't won one in months. It was enough to chase Dualism from the stock market to the bond market. I'm starting to agree.  Even Bros who is often trying to defend the market and it's deceptive ways needed 5 average downs to save a position. That's possible with the monopoly money account but isn't always practical in real life. No other trades. Hope everyone made some money today and will do so on Monday. Members, please post your results along with your RDA of smileys |
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Post by cosmic on Oct 29, 2010 15:36:42 GMT -5
Snap the rule of thumb for the wrap is 4:45... I'll bring these two together with a thread merge
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Post by Rothschild on Oct 29, 2010 15:41:50 GMT -5
No trades today. Bought a small positon in Fas hoping for another mutual fund monday set-up.
Cosmic I am sorry to hear about your loss. Easy come easy go brother. Market is still holding strong and I am pretty impressed by this.
Hope everyone made some money today and will do so on Monday. Have a great weekend gang!
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Post by snapplemoney on Oct 29, 2010 15:54:06 GMT -5
i didnt know cosmo about the rule sorry to rain on the parade.
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Post by novice08 on Oct 29, 2010 16:39:17 GMT -5
Lvs plus miners (plus a little dgp and gdx) helped to be up about 2.3% today. Sold 1/2 swc for a 30% gain since March--other than that, held my relatively small positions. You're right comic, it's now no more than a game...  ...that is why I'm mostly playing the metals. |
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Post by Rich on Oct 29, 2010 17:24:34 GMT -5
The popularity of the weeklys is having an effect on the market.
Option destruction is plain to see.
I watch for this all the time.
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Post by actuarynomore on Oct 29, 2010 17:27:38 GMT -5
Bumped up my buy threshhold from yesterday and ended up buying 500 FAS at $21.95 but could never sell 'em by end of day.
Also decided to go through Scotturd to put in a GTC order to increase my holdings in Z-Trim (ZTHO) - It filled at $.73 - This feels like MVIS a little in that it's got great expectations but you just don't know if/when it will take off - They may be my entry for our next OPEX contest.
Two things are certain about this week:
1 - Jack isn't spending enough time with us; and
2 - This market is coiled like a tight spring and Katie bar the door when it jumps (I'm sure Joe would have had a better expression)
Take care all and I look forward to rubbing elbows with Yall Monday - Dave
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Post by kbk3ck on Oct 29, 2010 18:38:46 GMT -5
"This market is coiled like a tight spring and Katie bar the door when it jumps (I'm sure Joe would have had a better expression)"
Couldnt have said it better myself Dave.
Slept thru my first sell point for my TNA. Held for the next sell point and got it but got greedy and didnt sell. Still holding TNA and TYH. May add some SOXL back in next week.
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Post by exabi on Oct 29, 2010 18:41:46 GMT -5
One of my LT port holds, GHM, (read: underwater, small position) up 8%, another 15% to b/e. No trades, been doing hand to hand combat with my GE Profile fridg...God I hope their locomotives, gas turbines and nukes are a better product. Biggest 1.8k POS I've ever seen.
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Post by popistoc on Oct 29, 2010 18:41:49 GMT -5
Got out of my VVUS short, lost 100, that was fun:). At least I had the common sense not to risk it all.
Still holding 150 TNA, will try to take it slower or focus on the 3 allowed day trades, I am trading too much.
popisotc
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Post by PoorHomey on Oct 29, 2010 20:18:53 GMT -5
Successfully resisted all urges to trade this week..  Only holdings (Employee stock plan) up 2.32% for the week. Witnessing this week's layoffs certainly diminished the little enthusiasm I had for holding it, though ultimately it may be a positive for the company long term. Earnings are Tuesday - still haven't decided if I'll hold it or cut it loose. Gained 1.36% overall for the week and inched a tiny bit closer to the 50% mark of my long term goal - which is the very top of this chart.  |
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jn1520
Broker/Dealer
Posts: 719
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Post by jn1520 on Oct 29, 2010 21:40:36 GMT -5
Held my FSLR position in disgust, but thrilled to see AVNR was approved and I held strong with 2830 shares. Riding this sucker past $5. Analysts predicted $6 -$10.  |
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jn1520
Broker/Dealer
Posts: 719
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Post by jn1520 on Oct 29, 2010 21:41:18 GMT -5
I was a month late when choosing it for the contest |
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phase
Margin Account Trader
Posts: 39 
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Post by phase on Oct 29, 2010 22:03:19 GMT -5
Yep... it certainly felt like an OPEX day... on a mission from the opening bell.
Have a look at OPEX day 10/15 chart. Today's chart is the exact upside-down image - ups and downs, Fib retracements, and even times. Straight out of the playbook... or so it seems.
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Post by tajmahal9898 on Oct 30, 2010 6:33:37 GMT -5
sorry for the late update..
To start with I learned something yesterday.. For broker initiated buy to close short option (call or put) position with premium of less than 5 cents, TDA waives commission and per contract fees. They do this because we are taking risks (short position) of their books..
It was not a good day..
closed AAPL calls for reasonable profit
closed short leg of the BIDU long 110/115 vertical in the morning for 2/3 cents that allowed me to close the long 110 leg at will.
closed 110 calls at various time during the day for a loss..
The option GODs were at work and not surprisingly BIDU closed at 110.01.. these days, they don't even try to hide pps manipulation..
Everything said and done, loss of 20 K on AAPL and BIDU positions yesterday..
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Post by timber on Oct 30, 2010 7:51:01 GMT -5
i had a real bad day too
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Post by timber on Oct 30, 2010 8:12:23 GMT -5
Held my FSLR position in disgust, but thrilled to see AVNR was approved and I held strong with 2830 shares. Riding this sucker past $5. Analysts predicted $6 -$10. you think more upside here i sold mine early i never like holding these after the somx fiasco |
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jn1520
Broker/Dealer
Posts: 719
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Post by jn1520 on Oct 30, 2010 8:21:25 GMT -5
Timber - there is a CC on monday morning. Unless they dilute for launch finances, I think it's a buy still, even at $5. If it runs higher, I would wait for a pullback. They also have trials involving use of the drug for Diabetic Peripheral Neurophathic Pain (DPNP). Kind of like Cymbalta. More room to run for this Bio.
But as you and I, and everyone else here have witnessed, you never know what to expect with any biotech.
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Post by Rich on Oct 30, 2010 9:51:24 GMT -5
opexy as hell. Tried to short the spy. Got zig zammed.
Had I gone long the same thing would have happened.
The daily candles tell the story. Narrow bodies with wicks, top and bottom.
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Post by tajmahal9898 on Oct 30, 2010 10:58:38 GMT -5
i incorrectly posted (at 4 am PST..) my loss on this thread...
My loss yesterday was close to 20K not 2K.. I have update the original post..
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Post by Rich on Oct 30, 2010 11:03:25 GMT -5
I'm not in that league, Taj, but my pruchase of spy puts put me deeply in the red, for a hot minute.
But it reversed down again, thank god, and I got out with a small loss.
I damn near sold them at the most un-advantageous time.
It was close.
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Post by Rich on Oct 30, 2010 11:12:30 GMT -5
my league 30 spy puts bought @ .88 30 spy puts sold @ .89 It went down to like .77, I was muttering some incomprehensible negativisms (is that a word?) ;D |
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Post by jack on Oct 30, 2010 11:12:31 GMT -5
Exalt to the Snapmeister for taking the initiative!!! LOL!!!
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Post by tajmahal9898 on Oct 30, 2010 11:30:05 GMT -5
Rich, I did few right things and one bad move killed it all
Few things that went my way
bot to close short 115 BIDU callsfor 2/3 - there was no way BIDU was going to touch 115 yesterday.. had i not bot back the short calls, i would have pocketed additional $250.. But I was unable to close the long leg w/o closing the short leg first or at the same time... So closing the short leg even at $250 was relatively a smart move..
closed all AAPL long calls for ~7K profit
closed few BIDU calls in the morning for ~4K loss
------------
then came the bad move...
instead of closing all BIDU long calls for an overall loss of ~10K, I bot additional BIDU 110 calls.. i lost both on the original long leg of 110/115 spread and on the new long naked calls... It was a really silly move.. hind sight it was a very risky move and I came up short...
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Post by Rich on Oct 30, 2010 11:55:23 GMT -5
bidu, I watched it spiral down the whole day.
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Post by tajmahal9898 on Oct 30, 2010 11:59:03 GMT -5
bidu, I watched it spiral down the whole day. yes it pinned to 110. Lately, BIDU had came up strong towards the end of the day.. but yesterday was opex.. different ball game..gamble didn't work.. |
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...that is why I'm mostly playing the metals. 
