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Post by cosmic on Aug 24, 2010 15:06:01 GMT -5
 Now that was another barn burner. You just have to let the algos go when they don't want to buy, just like you have to chase them when they do want to buy.  NO TRADES. I think we might crunch lower, although all the key marks were hit either last night during the overnight, or today. I am very worried right here, so I'm not increasing any long positions.  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 sloop on Aug 24, 2010 15:07:50 GMT -5
I got stuck in FAS but not to bad yet.
I think were over sold here.
O HELL...I forgot to mention....I made a great trade in FAZ today also. Got to tell the good with the bad for goodness sakes.
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Post by brosin on Aug 24, 2010 15:10:07 GMT -5
I am worried as well. I can almost feel my "I'm a bear" post coming here soon.
I will keep it on the back burner for now though; still a little inkling of hope, but it is decaying faster than FAZ.
No trades, and all things considered, I'm not too upset to be down 10% on FAS (entries from last 2 weeks for avg of $20.1x). Reminds me of a few of my past EDC and DRN trades that started out like that and ended up way green with me getting out of them green, but nowhere near as green as they would've gotten.
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Post by cosmic on Aug 24, 2010 15:11:50 GMT -5
If you go long these days, especially on a buy the dip, about the only thing you can do is buy and immediately sell calls on it, perhaps 1 strike higher, just as protection. It's nuts.
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Post by bellevuetrader on Aug 24, 2010 15:17:15 GMT -5
I added to my DRV short position...only down a few hundred at the close. Also bought FAS at $17.90 in moms retirement account  Shhhhhh! Holding and fully loaded long...too many bears expecting DOOOOM! |
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Post by Rothschild on Aug 24, 2010 15:18:57 GMT -5
Man, today was just peachy for me, I was up 4.5% today on my Bear etfs and sold them in the last 5 mins. I think/hope they will try a morning ramp-up for wed. we are at pretty oversold levels on the five minute timeframe. There is no denying the H&S set up; its looking uber-doomy and Helicopter Ben even had the temerity to do a POMO today. We wouldve been down-300 without Bennys meddling. We could still see 1040s wed but Im hoping for a wed gap-up to keep the shorts honest. Hope everyone did well and well continue to make even more money Wed.  |
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Post by ask2lern on Aug 24, 2010 15:19:48 GMT -5
Well at least I got to trade today.....................5 SPY 107 PUT scalps (-2.1%) ,+3.5%,+3.4%,+3% all 100 contract lots...........+4.5% 200 contract lot ........ok now get this I did buy 10 SPY 105 CALLS at the close for 2.90  ................just because........LOL........funny thing is I was talking to another Fastopian today about my SPY PUT trading and said I NEVER play SPY calls................just goes to show ya that "never" might not last that long .............really just looking for a sympathy bounce......................Exalt for Cos...........................live to trade another day.......................GLTA |
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Post by tajmahal9898 on Aug 24, 2010 15:21:21 GMT -5
only one round trip..
50K cenx shares, in at 9.50 out between 9.97 and 10.00.. 24K realized profit..
I was on a call with Ask2 and he forced me to sell my CENX shares.. just kidding.. thanks Ask2 for your insight on SPY contracts.. appreciate it..
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Post by tajmahal9898 on Aug 24, 2010 15:23:59 GMT -5
) now get this I did buy 10 SPY 105 CALLS at the close for 2.90 I hope I didn't change your perspective.. you are an amazing trader and do what had worked for you.. I know nothing about SPY calls... |
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Post by sp7015 on Aug 24, 2010 15:27:19 GMT -5
boy I am glad I bought spy 108 weekly puts for 1.35 yesterday at close.
Sold them today for $3.00.
Had another good trade going this am. I bought aapl 240 weekly calls for $3.60. The ran up to $5.25 and I didn't sell them. Ended up closing out the position eod for $3.10 and took the loss.
If I would have sold those at $5.25 my portfolio would have been flat for the day.
Hind sight is 20/20.
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Post by ask2lern on Aug 24, 2010 15:34:19 GMT -5
) now get this I did buy 10 SPY 105 CALLS at the close for 2.90 I hope I didn't change your perspective.. you are an amazing trader and do what had worked for you.. I know nothing about SPY calls... No prob Taj...............it had nothing to do with you I mentioned in a post yesterday after the close that I almost bought SPY CALLS at the close but took a pass............just thought I would give it a shot...............it will NOT become a regular thing I don't care if we gap up 100pts LOL......................Small position just to keep things interesting.....................nice job ob the CENX trade....................I too enjoyed our conversation.......................GL |
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Post by trading4dough on Aug 24, 2010 15:42:09 GMT -5
Picked up cough cough a few TLT Sept $107 putz @ $1.88 average
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Post by cosmic on Aug 24, 2010 15:46:49 GMT -5
You know, it's all about the placement of the cough cough.
If you had said 'Picked up cough a few cough TLT sept $107...' I'd think you picked up a lot of them.
If you had said 'Picked up a few TLT Sept $107 putz cough cough' I'd think you were very confident in the trade.
But you said 'Picked up cough cough a few TLT Sept $107 putz' so I'm thinking you're not very confident in the trade.
;D
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Post by trading4dough on Aug 24, 2010 15:57:34 GMT -5
You know, it's all about the placement of the cough cough. If you had said 'Picked up cough a few cough TLT sept $107...' I'd think you picked up a lot of them. If you had said 'Picked up a few TLT Sept $107 putz cough cough' I'd think you were very confident in the trade. But you said 'Picked up cough cough a few TLT Sept $107 putz' so I'm thinking you're not very confident in the trade. ;D lol I will go 3 pulls on that pos if i have to So I hope I at least get 1 more tomorrow |
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Post by demanuel2001 on Aug 24, 2010 16:11:29 GMT -5
Well - it was a rough day - down $53k not counting my japanese mutual funds which probably were flat. Had a hangover from dumbly getting longer LVS yesterday (after plattening on Friday - duh!) got even longer after the open - only to watch it plunged. Finally puked up 7k shares (which still left me long) and then sold 5k more (which even then left me long). Scalped those 5k shares for a little profit then sold them again. Bought some more BP at $34.76. Today pretty much wipes out August for me - but at least I'm more defensively positioned now - regardless I have pretty large ups and downs so I have to expect days like this.
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Post by exabi on Aug 24, 2010 18:19:03 GMT -5
Bailed on JAZZ at 8.08....had a sell at 8.17 but backed it down this afternoon prior to the jump to 8.23. 10% hit on that one....still holding 2X 7.5 SEP puts.
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jn1520
Broker/Dealer
Posts: 719
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Post by jn1520 on Aug 24, 2010 21:23:27 GMT -5
Stayed on the sidelines with cash. Tried going long BAC on Friday and got burned. Couldn't make heads or tails of market today and second-guessed my idea to short CRM and NFLX.
Currently holding 575 Sept 10 calls ($1 strike) for YRCW. Small fry, I am...Trying to learn the ropes from respected traders like yourselves.
Keeping close eye on HIG, looking to jump in soon. FAS on the radar, but hoping for another dip.
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Post by Rich on Aug 24, 2010 21:27:39 GMT -5
Hey jn! Welcome aboard! I tried that NFLX short also, but didn't time it right.  |
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Now that was another barn burner.
Shhhhhh! Holding and fully loaded long...too many bears expecting DOOOOM!
................just because........LOL........funny thing is I was talking to another Fastopian today about my SPY PUT trading and said I NEVER play SPY calls................just goes to show ya that "never" might not last that long 
