I jumped into some FAS March 4.00 calls for .70 earlier. I bought 46 contracts and so far, so good. This bear rally has been WAY overdue!
I felt the same way Rookie, but most technical indicators don’t dictate oversold levels just yet. I was a bit amazed
I have to agree and I feel usual technical indicators such as RSI,Stochastics,Bollinger Bands etc keep getting reset because of the outside days we have…But price wise we aren’t cheap enough yet but I fear a ferocious snapback when we do reach that breaking point…It will be a heavy reversal day,down alot then up alot…Tough part is you have to take positions into the blood,at which point do you enter?..Cheap just keeps getting cheaper,at the same time I will be risking some long $$$ here soon…Not today but soon…As usual I will post my exact entry point…
I’m slowly getting into long positions with too. I said this on another forum, but a rally is going to come when everyone has given up; when the charts look horrendous; when nobody has any faith left in the market; when all hope is lost; etc…We’re at a pivotal point right now I believe, and I think you’re absolutely right about the snap-back coming. It’s going to be VIOLENT when it happens, and I can stand to get in at these ‘cheap’ prices and average down if I have to.
I just love how every thing seems hopeless and uncertain thats the best time to buy stocks. as for them being cheap their are some very cheap stocks out there. i have been accumulating DRYS religiously. my 1st buy was too early but i have got my average down pretty well. My 1st thoughts on drys price movement was right about a month ago but the bdi took off and i stepped in.
DRYS is @ 2.75 !!! you gotta be kidding me. this stock is WAY over sold for sure. the dry bulk sector is in alot better shape than it was in november but it’s still getting killed. watch the bdi in the next week or 2. china is negotiating iron ore prices with australia and brazil after they hammer that out it’s moving higher. last time i had this impression was chinese year and the bdi doubled after their holidays.
DRYS up 30% today China’s not doing as bad as they thought. wait until the bdi starts to move up soon then this will get fun.
Well for the short term Drys will be coming back down tomorrow. the movement up on general market didnt move drys up further so it looks like to me atleast that this move is a head fake. probably get back to its gap by friday. still good to have some upward movement for a change tho
Sold 30 of my 46 contracts for .80 this afternoon and am holding 16 more for a little bit. I ‘should have’ sold for .90 this morning on the gap-up, but that is all hindsight. :beer
Sold 30 of my 46 contracts for .80 this afternoon and am holding 16 more for a little bit. I ‘should have’ sold for .90 this
Good trading chris…I didnt make a single dime trading wise today…I was away from the screen all day and just getting annoyed that I missed a good day…Atleast you made some money…wtg
Chinese stimulus gives drys legs to run on tomorrow. but we will see tomorrow what she does. gotta like a 40% increase on big volume today
Thanks Rookie! I left the screen for 2-3 hours today during the time Geithner took the floor and FAS dropped to 3.43. Had I been there to ‘watch’ it, I might have been stopped out and been inclined to sell, but these options on FAS are more of a 5-10 day hold. At some point here money is going to come back into financials briefly. I was a bit disappointed that the banks didn’t benefit much from today’s rally, but I’m not scared if this rally has legs to it. Eventually people will dip their toes in and shorts will get squeezed.
i hope the market moves up next week. I sold 5k shares of drys at the close today that i had in a account average on them was 3.20. figured i could keep the $3500 and buy another 1k shares if it falls bac to $3 by friday. lol my luck i will be buying back my shares for 50 cents more than i sold them for tomorrow.
I really REALLY hate to hold ‘losing’ stocks too long. I feel that I can be using that liquidity to make all of my money back elsewhere vs waiting for a miracle comeback. This is just me though; I’m a VERY short term trader. If something doesn’t go my way, I get out with a loss and move on to something better. Good luck in DRYS though. I think we still have a day left, if not more in this bear rally. Friday’s job loss should make it interesting, along with the sell off going into the weekend. Friday afternoons are good opportunities for shorts anymore because it seems everyone is afraid to hold too long.
I’m the same way chris, but i have full confidence in drys value thats why im holding it longer and have been averaging down with it. the market moves are hard to gauge right now. plus i find it easier when i concentrate all my reading on 1 stock if i see potential.
I really like being able to go back and read what i was thinking a month ago on here and on other websites and seeing how it unfolds. its like a stock diary lol
I too try to focus on only a certain names and get to know their movements inside and out. It’s better to be a pro at one thing vs a mediocre jack-of-all-trades if you ask me! If I see a flipping opportunity, or a position to take on a reversal on explosive moves, I’ll dip my toes in. I’ve made decent returns doing this too, but I try to stick with what I understand best.
Well, today wasn’t too surprising. I ‘should have’ sold ALL my FAS contracts, but I’m VERY happy with myself for taking the majority off them off the table for 14% profit.
My trades today consisted of buying against the grain on GS this morning when it filled most of the gap down. I bought 10 70x puts for 2.05 and just sold for 2.55 for a decent 24% profit in a few hours. I’ve had VERY VERY good success with trading against the morning sentiment. What I do is wait for the extreme moves in one way, or the other, and buy against the grain. I wouldn’t do this every time, but I’ve been successful more times than I’ve been wrong. They say the amateurs trade the mornings and the pros trade the afternoons. There is a lot of buying off emotion in the mornings, not to mention LOTS of market orders being filled at open. Lots of volatility makes these options CHEAP when I buy them at the apex of the move, so even stalling out at the apex of the turn makes me money. When it turns, the profits are decent. My problem is getting around ST’s margin account to be able to ‘daytrade’ these effectively. I know you can daytrade on cash account only, and I’ve set up a Tradeking account for such trading. Good luck to those still trading this treacherous environment!
I’m nibbling on the long side today…I have the following positions going into tomorrow…I put %15 of my cash to work…Lets see what tomorrow brings…I closed the day out comission entry cost which was $200…I feel blessed :cool
Number of Orders:25
Order Status
Buy 462 Shares of DBB
Order Number:C05CKKLM Details Filled at $12.1331
Buy 287 Shares of EEM
Order Number:C05CKKLS Details Filled at $20.828
Buy 200 Shares of EFA
Order Number:C05CKKLV Details Filled at $32.5794
Buy 804 Shares of EWJ
Order Number:C05CKKLZ Details Filled at $7.0776
Buy 416 Shares of DDM
Order Number:C05CKKLN Details Filled at $18.1477
Buy 282 Shares of FXI
Order Number:C05CKKMB Details Filled at $24.1194
Buy 317 Shares of XLU
Order Number:C05CKKNJ Details Filled at $23.098
Buy 407 Shares of IFN
Order Number:C05CKKMC Details Filled at $13.389
Buy 311 Shares of IYR
Order Number:C05CKKMD Details Filled at $22.4477
Buy 299 Shares of QLD
Order Number:C05CKKMJ Details Filled at $21.14
Buy 207 Shares of IYT
Order Number:C05CKKMG Details Filled at $40.1531
Buy 308 Shares of XLY
Order Number:C05CKKNK Details Filled at $16.408
Buy 467 Shares of RSX
Order Number:C05CKKML Details Filled at $11.5587
Buy 305 Shares of MSFT
Order Number:C05CKKMH Details Filled at $15.47
Buy 305 Shares of SPY
Order Number:C05CKKMM Details Filled at $69.06
Buy 298 Shares of QQQQ
Order Number:C05CKKMK Details Filled at $26.70
Buy 315 Shares of SSO
Order Number:C05CKKMN Details Filled at $14.9977
Buy 630 Shares of XHB
Order Number:C05CKKMT Details Filled at $8.458
Buy 3,872 Shares of UYG
Order Number:C05CKKMR Details Filled at $1.5293
Buy 297 Shares of XLB
Order Number:C05CKKMZ Details Filled at $18.178
Buy 285 Shares of USL
Order Number:C05CKKMQ Details Filled at $26.928
Buy 2,627 Shares of URE
Order Number:C05CKKMP Details Filled at $2.05
Buy 196 Shares of XLE
Order Number:C05CKKNB Details Filled at $38.578
Buy 410 Shares of XLI
Order Number:C05CKKNH Details Filled at $15.5877
Buy 920 Shares of XLF
Order Number:C05CKKND Details Filled at $6.218
UPDATE:…I sold DDM,SPY,SSO,QLD,QQQQ all because they were up nicely afterhours…I will post all exits and profits/losses tomorrow after I see how the day will play out…
I set a limit order for WFC 7.50x Puts to be filled @ 1.00. I set the limit order for 22 contracts and only 4 got filled. :banghead Apparently I got in at the RIGHT time, or just about the right time as to where it bounced off resistance from earlier in the day. They’re up to 1.20, or 20% right now and I have them sitting over night. I wasn’t home when they were up 30% earlier or I would have sold. I try to keep my day trading to a BARE minimum, and I already had 1 day trade today so I was more inclined to hold over night here. I’m a bit hedged with those remaining FAS calls, so I’m not sweating it if we do rally tomorrow–jobs data comes out tomorrow and Obama is supposed to speak at some point so I’m truly not scared! :beer
hey Rookie
You’re using fidelity for those trades correct ?? I had a fidelity account that i hated. I couldn’t make after hours or premarket trades and i also hated their trading platform. lol i would enter order’s i followed off of my etrade screen.
the after hours and pre-market trades I still to this day don’t understand why it wouldn’t let me trade them.
I’m glad i sold some DRYS yesterday. IF it gets down under $3 i’m getting it back and some more. the BDI is still moving up while the market is forcing all dry-bulker’s down with it.
This market is rough. honestly some of these stocks don’t deserve being chopped in half. I really think the market is sending obama/gov messages about his policies on a daily basis.
Waiting on a bear market rally any time soon.
Got out of all of my WFC Puts for breakeven (less commission) on the first pullback this morning. The dividend cut, insider buying, and repeated beatings it took all week made it an easy sell. I still think it has more downside, just not today. Trade didn’t work, I move on!