Thursday, July 31, 2008

Airpockets, Reversals, and Stress

The day started off with a long in CSIQ and IBB, the second one did great and and the first one stopped me out at a loss.So, I was short a bunch of XME, one of my favorites as you know, (see chart for original entry) and I'm making nice loot, very nice loot. Around 11:30 or noontime, my entire P&L goes from a lovely shade of green to red in less than a nanosecond. Really, less than a nanosecond. I immediately attend to my mini stroke as well as the panic attack and try to find out why? Well, the FT in London, the biggest rumor monger periodical on the planet,(remember AA was getting taken over every 15 minutes about a year ago?they reported it constantly) comes out with a newsflash that AKS is in front of a few buyers--ALL CASH. Well a rising tide lifts all boats and I had to cover my AKS, XME at a loss. It took me all morning to make some nice loot and one second to lose the profit and go into deficit. I ended up on the day as I got long the same names that ripped my head off. Around this time I bought a good position in MEE and grabbed it for two points ( off the low--lucky)
pretty quick because the coal stocks were reversing up on this news too.

My SDS and QID were covered near the open for a break even- slight gain as the INDU took the biggest hit today. The GDP # was obviously a disappointment and we have another huge number in the morning. IBB is up about 8 points since I put it out about a week ago, still a good place to hide.

The financials are still hanging in. How about MA and V. UUUUUUUUGLY and you heard that short here first. I shorted XOM and covered at the close, but broke my rule and kept CVX short overnight. Just my gut. Eps in the morning. Oils are driving me crazy.It's a traders market -buy and hold you will read about in the history books as a strategy that unsuccessful traders "use" to imploy.

And lastly, I love ALL my loyal readers, I truly do, it makes what I do a TON more fun, and you are growing like a bunny farm by the hour, but if you e-mail me a question and I don't get back right away, please don't pepper me with e-mails. I trade for my living now and I DON'T GET PAID FOR THIS, so chill, please. I always get back, it just may take a day or two. Love ya, mean it.

4 comments:

Jared said...

Well thank you and keep it up! I definitely appreciate your work and analysis!

Jim Driscoll said...

Oh man - you mean you actually answer questions over mail? I've been missing out!

(Just kidding)

upsidetrader said...

lol

upsidetrader said...

jared

thanks

About Me

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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.