I borrowed five hundred DRYS to short at around 8:30 am. I shorted 100 of it pre market, around 9.25 am.It immediately gaps down about 5 points. So why didn't I short the whole 500? Partly because I'm an ass, but mainly because it's wicked volatile and i usually ease in to a name like that, especially that early in the day. I never trade that early, but I had a feeling. In my mid day post I was actually long the name at $99 and kicked it at $101. I also traded the other two , UYG and QCOM, but only made pennies.At that point in time I was positioning myself for a rally but shortly thereafter the market started to cave. I finally got stopped out of USO, it was a good contest, but I lost. CCJ from yesterday was a bull today and TIE gave back a bit.
Some names I watched today that showed great relative strength and that I will be looking at tomorrow are PACR,JRJC. I think QCOM is getting close to near term oversold as the selling started to look exhausted today.
I will try to post up some charts later, but it may have to wait until the morning. Hope you all had a great day.
Tuesday, May 20, 2008
Pressure
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
1 comments:
i like that DRYS trade. I was thinking the same thing. Short DRYS as it was only up slightly and had a feeling it's turn south fast. But it was not part of my game plan and instead focused on longing stuff.
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