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Post by cosmic on Aug 19, 2010 15:11:35 GMT -5
 Two comments... SPY still shows a green arrow, however the counts have moved purple again indicating lack of confirmation. Second, if you look at this chart, I drew those red trendlines based on what appears to be a fib fan. What has become very clear is that if the market loses a fib, it sells down very quickly to the next fanline. Now, the bottom-most fanline, I drew free-hand based on the size of the one above it so it's a guess, but look at how the candle is behaving.   While I still have Green Arrow for the bullish case, I have price action for the bearish case. As a trader, I respect both signals, so cautious buys with real stops is the only way to go.  I made a trade with IWM Sep 59 calls today, slightly deeper ITM but there's still TP in there which I'm carefully watching. Down 5.6%. Details of the trade can be seen by clicking the pretty picture:  That's the only trade for today. Road to Opex III starts Monday August 30, so start reviewing your plays as we go into the end of Q3. Great prizes, so watch for further announcements. ;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 timber on Aug 19, 2010 15:14:32 GMT -5
covered jazz short ...still hold puts for tomorrow and three tza trades....still vvus short
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Post by cosmic on Aug 19, 2010 15:16:18 GMT -5
Another cause for concern is Junk, which got heavily hit today, that's very ominous in my opinion.
Most things are down 2% or more... looking at my watchlist, now given the extreme of the move, I'd like to just point out for V that CMG is only down 1%, and that's why I think it's a dangerous short for the most part, but I will concede that during Armageddon, yes, CMG will go down substantially. Zombies don't like corn in everything.
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Post by papasloth on Aug 19, 2010 15:18:45 GMT -5
I think we're at the bottom of the long-term channel for FAS, so I bought to close out some FAS 2012 48.33 calls I was short. I initiated the position back in April at $5.6296 average, and I covered today at $1.611 average, for a nice profit. Those calls are going to $0 in a year and a half, so I could have just held, but I think I can re-enter the position near the top of the channel next month.  |
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Post by timber on Aug 19, 2010 15:20:07 GMT -5
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Post by tajmahal9898 on Aug 19, 2010 15:21:59 GMT -5
Missed shorting LVS @30.4 -- the ticket didn't get filled.. would have made decent profit..
For the first time, traded SPY, executed covered stock -- 1000 shares, 10 Aug 108 contracts for net 107.02, up $260 on this trade.. I liked the volatility and liquidity, perhaps will trade it more often and with decent size.. need to practice more before going all in.
ATEC: it was quite a pop at the close, especially considering kept this stock under control more most of the day...unrealized profit of $6,000 today
Wrote some N Aug covered 17.5 calls at 95 cents, unrealized profit of $350..
Decent day..
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Post by cosmic on Aug 19, 2010 15:22:12 GMT -5
mmmmmmmmmmm corn
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Post by im2buzzi on Aug 19, 2010 15:27:25 GMT -5
Don't trade daily, but felt like we would have a down day today. Played it by buying SDS at open this morning. Out at close for about 2.5 percent. Looks like I might should have held it, but too nervous in this market. All cash in trading account. Being conservative in retirement accounts.
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Post by Rothschild on Aug 19, 2010 15:39:58 GMT -5
Sold Fas in pre-market for a small loss which proved to be good cause I wouldve lost 6% today. Bought a basket of financials at the close and was hoping for good news for HPQ/Dell. I got a stop at spy 1068s; aither we move into 1095-1100s soon or we test 1040 Friday. It could go both ways but I shall sell Friday. I do not like the action at all. still bullish short term with EXTREME caution.
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Post by demanuel2001 on Aug 19, 2010 16:32:07 GMT -5
Wasn't as bad as it could have been - "only" down $15k (still up for the week). Yesterday I lightened up on some of my LVS and that helped - got heavier today as I bought more. Had short some Aug $30 puts and call - bought back the calls and rolled the puts into Sep - for an extra $6k in premium. Opex will now be a nonevent for me but should free up a little more dry powder for me. Looks like my BP buy yesterday was a little premature - but that's mostly driven by some garbage bad press today about "plumes" of oil in the Gulf - that's all BS in any practical sense.
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tfkness
Commodities Trader
Posts: 107
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Post by tfkness on Aug 19, 2010 16:38:23 GMT -5
made 2500, could have make 3500 if I would have stayed in, but in times like these... I'll take the cash....
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Post by demanuel2001 on Aug 19, 2010 16:58:05 GMT -5
You posting from Costa Rica already? |
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Post by commodityypro on Aug 19, 2010 17:26:10 GMT -5
Sorry Timber but only 1 thing comes to mind when I see this pic. That looks like my Cat's throwup I walked down the stairs this morning to find at the bottom.. lol  Uploaded with ImageShack.us |
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Post by maxi on Aug 19, 2010 18:13:01 GMT -5
Sorry Timber but only 1 thing comes to mind when I see this pic. That looks like my Cat's throwup I walked down the stairs this morning to find at the bottom.. lol Uploaded with ImageShack.usLMAO Mee tooo Commod but I didn't have the nerve to say so when i saw it! |
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Post by exabi on Aug 19, 2010 18:25:08 GMT -5
No trades today...still letting things wind or un-wind as the case may be. I make a mean black bean and roasted corn salsa which my step-daughter in ATL calls yuppie crack. |
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Post by Rich on Aug 19, 2010 19:50:32 GMT -5
I think we're at the bottom of the long-term channel for FAS, so I bought to close out some FAS 2012 48.33 calls I was short. I initiated the position back in April at $5.6296 average, and I covered today at $1.611 average, for a nice profit. Those calls are going to $0 in a year and a half, so I could have just held, but I think I can re-enter the position near the top of the channel next month. Nice chart papa. |
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Post by brosin on Aug 19, 2010 20:21:19 GMT -5
Speaking of mega puke, I bought some FAS today  I said I wouldn't buy the 5th and final unless it went under my $19.50 buy, and I really didn't think it was going to. But I grabbed some at $19.45, a bit premature. Avg $20.18 I believe. So far it has gone probably as well as I had hoped, because now I have a full position at what I think is a very safe price given that I am giving it 4-8 weeks to grow. Bank dividends would be something, eh? You know they're coming. Flat yield curve makes no one want to touch them, but eventually I think the stock market will start ignoring what the bond market seems to be telling them. I feel like the equity market is yelling through the tunnel to the bond market: "Hey guys, not smart to bet on the end of the world!! (of the world.. of the world.. of the world..) |
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Post by Rich on Aug 19, 2010 20:26:48 GMT -5
I like it Bros. I like it more today than yesterday. 24 is on the way. I can see the future.  |
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Post by blueskies on Aug 19, 2010 20:39:28 GMT -5
my plan was to short beans and long the five year note. if I had I could have bought my daughter a cheap used car.... INSTEAD i got whipsawed by the euro bitch...
blue is blue
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Post by bellevuetrader on Aug 19, 2010 20:52:49 GMT -5
Commod- too funny....I hate picking up cat puke. Nasty stuff.
Brosin- saw you picked up more FAS today at $19.45.....thanks for taking them off my hands.
In any case, Covered FAS short position at $19.45. Made $1.05 on that trade. Bought BAC for a 5 cent loss. All cash except for small MVIS positon going into tomorrow. Looking for another big day on wall st and opex!
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Post by brosin on Aug 19, 2010 21:03:00 GMT -5
lol Belle - I wasn't selling you the shares you bought to cover... I was buying too. We were both thinking the same thing at $19.45 I guess |
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Post by bellevuetrader on Aug 19, 2010 21:15:21 GMT -5
lol Belle - I wasn't selling you the shares you bought to cover... I was buying too. We were both thinking the same thing at $19.45 I guess You're right...we were both buyers today! Although those shares that I bought back...were then flipped by some HFT to you for a $0.00011 cents. They then went into your hands for $19.45.... Technically- I hit the bid at $19.45 but ended up getting $19.44999 as FAS was still falling. So yes, both buyers, only difference is you now own my short shares-long. |
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Post by torrentio1 on Aug 20, 2010 0:04:57 GMT -5
Took the day off -just now reviewing the market. My first thought was -- the end of civilization as we know it -who would have expected that governments policies that create uncertainty and inhibit job creation would translate into increasing initial unemployment claims -- oh the humanity!!!!!My second thought was -- bears, where's the beef? At least break through support or SOMETHING? Finally, my third thought was -- this is options expiration week, I need a sandwich -Grey Poupon? Anyway, it looks like it was a market down portfolio down session... I remain BULLISH...  Hope all did well!!!! ;D ;D ;D ;D |
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