The weak market stopped me out of a few positions, today:
GS - I'm glad I took profits on last Friday's daytrade as I got stopped out of the remaining position.
Bought @ 156.50, Sep 120 Calls
Sold @ 156.71
Loss - $0.15 on calls
AMZN - On the other hand, I should have taken profits here last Friday.
Bought @ 83.26, Sep 65 Calls
Sold @ 83.36
Loss - $0.45 on calls
SPWR - With FSLR tanking at the open, I lifted my stop shortly after the open to put a limit order to sell but didn't get filled. Instead, I ended up adding a few calls @ 92.73 towards the end of the day.
Stop @ 91.90
MCD - still holding
VPHM - still holding
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6 comments:
OE, I did go ahead and buy 1/2 position in FXI today. I will also start scaling in (1/3 at a time) in XLU starting tomorrow. Would love to buy a load of puts somewhere in high tech...I still think tech is going to bust soon.
Why do you think tech will bust? I think it is the only safe haven left.
OE, look at the NAZ. The 200 Day ma is falling and volume has not confirmed any rally recently.Take a look at the 4 horseman. AAPL/RIMM sit on their daily 20/50 day EMA's & AMZN/GOOG have recently tested/failed at resistance. Also, the foundation of any bull market has been the financials AND the SOX-have you seen this index lately? It looks suprisingly simililar to the NAZ at this juncture....can u say "trap door" ready to open wide? That being said, this thing could teater either way and it may not take much, especially with our buddies getting back from their vacations soon. With a 50% chance to move either way at this point, my money is on a "downward move" IMO. I picked up some FXI this morning along with a partial XLU. I also picked up puts on all 4 horseman. I'm giving the later positions 7-10days to play out-very loose stops.
We're definitely getting close. The VIX is ready to break-out to the upside. I'm waiting to see if AAPL breaks the 172 level and RIMM the 125 level before picking up puts.
You play it much smarter than me...I tend to look at things from a macro scope which usually means I get in early rather than wait for confirmation especially when I "think" I see things starting to develop. Developments tend to follow through if logic prevails...this has been one hell of an illogical market that I can remember.Call me trigger happy I guess but it's worked for me in the past. Like I said earlier, ur smarter than me.
I wouldn't say smarter, maybe just a bit safer. You've definitely been ahead of the curve with your recent calls on gold, oil, etc.
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