Profit - $0.50 average on calls
SYNA - After yesterday's failed break-out, I should have just closed out the position. Instead, I left a stop that was taken out in the AM.
Loss - $1.00 on calls
SKF - I locked in some profits at 131.00 in the AM and tried pyramiding when it retraced to the moving averages but was stopped out at 132.50
Profit - $7.00 on shares, $6.50 on calls
PCX - I tried catching the momentum in coals this morning. Unfortunately, I didn't manage the stop very well and picked the weakest of the bunch. It fell $2.00 from my entry.
Loss - $2.00 on shares
X - When the energy/commodities gapped lower at the open on low volume, I had a feeling the MMs were triggering some stops before running higher. Unfortunately, I was a bit gunshy and waited until X broke the OR high before entering.
Bought @ 134.00, Sep 100 Calls
Sold 1/2 @ 137.70
Profit - $3.00 Stop @ 133.90
GG - This looked to be forming a double-bottom on the daily. If the dollar/markets continue there pullback, gold should bounce here. The volume on the daily looks pretty good. Per the comments, Darwin was able to pick these up the last couple of days. I wanted to wait until GG comfortablly traded above the moving averages on the 30-min chart, above 31.00.
Bought @ 31.15, Sep 25 Calls
Stop @ 30.40
SPWR - This pulled back after Friday's monster gap open. It formed a base around 88.00 and looks to be headed back up.
Bought @ 90.34, Sep 70 Calls
Stop @ 87.90
POT - I was kicking myself for not starting a position in POT at 170 this morning. I pulled up the charts at 170, 172 and 175...and did nothing. So, when it retraced to the moving averages on the 30-min charts, I picked up just a couple calls to make me feel better. The Ags look like they want to head back up. I'd like to see more than a one-day move though.
Bought @ 174.43, Sep 120 Calls
Stop @ 171.90
Posts
5 comments:
OE, Several traders I worked with emailed me this a.m. telling me the floor is "tense & pensive" with the continued implosion of FRE & FNM...they believe a broker is in trouble as well.(duh)..we believe it could be LEH...bought 13's & 10's puts (plenty)in the event financials and LEH over the next several sessions erode. SOLD all GG sep 32's @ 2.50. Still holding CVX (i got the slow horse of the energy group)...pressed C, sold UBS. Still holding DAL puts. Also, on a whim, bought some EQ Sep 50 Calls (100)-per OA blog. I still think the floor is getting paper thin and traders, usually cocky, are about to quit the gig.Let me know if you have race horses you like.
Hey D, I don't see any race horses with these 2-day trends. I dumped X and POT after the EIA report. I picked up some AMZN and CME as the stop levels (opening range low) are manageable. I'm just managing risk at this point. Something is probably going to drop in financials but SKF is the way to go for me.
OE, good choice with SKF. I did double up on CVX on the pull back before getting on a flight to Portland OR. I was glad to see it finish with some strength. I may take a break into Friday and see how my current positions fair for now. Thx again for your insights, it's greatly appreciated!
Those CVX calls are working nicely. I hope this trend in energy/solars lasts through Friday. I'm tired of scaling in/out of positions every other day.
no kidding...looking to close these on a gap up tomorrow a.m. I believe LEH may open 10% down in the a.m. just a hunch (i'm usually wrong on hunches)...
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