Sold my AAPL 90 calls today for a nice profit after it had trouble breaking 90 resistance again. I also got in on the first pull back on GERN as a momentum play and it paid off nice. I got some 7 calls for 1.10 and sold for 1.75 in the next hour. I actually timed that one well and got out at the ~8.30 resistance at the double top on the 10 minute intraday chart. I usually NEVER time it that well and my limit order was executed since the options pricing was moving far to fast to try to figure out on the fly where I wanted to sell and for what price. Because of this, I set my limit at 1.75 and it must have triggered on that second spike. All in all, a nice end of week.
sold bac and uyg pre market this morning 6.53 and 3.25 and wasnt happy seeing them go up to almost $7 and 3.40 but my gut feeling was right today they sold off. now i am happy cuz they’re @ $6 and 3.08.
I’ve been looking at all the biotechs today STEM, GERN, CERS, even some penny ones ACTC, CBAI. I was looking to buy STEM about a month ago but was confused why it hadnt shown any life even after obama won the election so i didnt dig into any deeper. looking back now it was an easy double but hindsight is always 20/20. I didnt have any real confidence or knowledge on the company.
i think i’ll spend some time today looking up each of these companies and see if i can find 1 i like. i glanced at their financials and i think 2 or 3 of those companies looked worthless.
Got stopped out on my IAG shorts. Lost $400. OUCH! It’s not all winning in the stock trading game and anyone that says or implies otherwise is lying. I’m posting all my trades and how they end up. This one didn’t end up well.
Mike
minimizing losses is the only way to stay ahead in trading. staying disciplined and sticking to stops is the key. Every trade will not always go your way and stops are key to keep you in the game.
the gov now is announcing a plan to make a bad bank to keep the toxic assets off banks balance sheets to open up lending again. couldnt they have waited until this weekend to announce this. I was planning on buying back bac after it took a good hit. i figured wells fargo’s earnings tomorrow would be bad and it would take the banks down a bit with it. now this announcement has financials soaring afterhours :banghead :banghead
well i guess i shouldnt complain because it is exactly what the economy needs. im only mad because i was waiting to load up on BAC and UYG. i guess trying to scalp is screwing me here. i made like 2k on the trade but thats gonna be small potatoes compared to loading up on them both and holding them.
I guess the old saying is correct " never turn an investment into a trade and never turn a trade into an investment" .
I traded BAC afterhours with about 10k shares…had a very nice scalp…Im also holding alot of QQQQ 29.35 area…YHOO surged the spoos afterhours…I will look to unload premarket if I get 29.70 area…I cant leave out my bond funds…How many times can I say I love bond funds???
I am loading up on DRYS soon. they got rid of 1.5 billion in debt just recently on new ship orders. and if the gov does the bad bank it will open up lending again.
shipping is mostly all done by LOC’s letters of credit. well parties couldnt get loc’s to ship goods, thats why the BDI took a historic plunge. If these banks get rid of bad debt the LOC’s will return and throw in stimulus infrastructure plans in China and here we could a get a huge run up in the bdi in a short period of time.
I was already gonna buy back drys this week. I think after chinese new year holidays are done they will be ordering alot more commodities. their stock piles are low and new lower priced contracts on coal, steel and cement should help.
I think since its holidays for them the BDI will go down, which drys stock price follows. it went down during hours today with the bdi making a tiny + move. now with this bad bank news i afraid what price drys might open tomorrow. it shot up afterhours on this news.
UYG I think is undervalued , it’s come down so much from its high. I bought some but I think im going to buy more , I bought some at $3. It’s a lot less risky than putting the money on one particular financial company.
Hopefully there is still time for us to accumulate and profit for the long term in a way that is why I don’t want the gov’s actions to be too quick because then we’ll all be complaining about how overpriced everything is .
I sold 1/2 of a boatload of QQQQ +.50 premarket…I’m still holding far too many to post with a 29.60 stop…I should have kept some of that pos BAC…gapped up alot this morning…I would watch DXO ,I think oil rallies slightly if market holds its gains…
its funny people dont realize the bad bank will come at a price for share holders. its gonna have a trade off. banks get rid of bad assets and can start lending again helping the economy but the share holders will get hosed by dilution.
this is why i’d rather go into drys than any of these banks now.
on a side note WFC reported earnings and they were worse than expected. this is being ignored now. trading is timing you cant time when the gov makes announcements. if they had waited until this weekend to announce the bad bank idea the financials woulda taken another hit.
as i speak the selloff in banks as started
Im watching DXO also. waiting to see oil inventory levels
I bought 85 FEB puts on GLD on the first wave this morning betting on GLD to pull back a bit here due to the banking bounce/ market reversal. I also bought a couple MS 22 FEB calls this morning on that first pullback. Still holding FAS calls from last week after it took a massive beating and it has turned around quite a bit. I also bought CAT 34 calls on Monday after it tested that 31 level of resistance betting that we oversold CAT on earnings and that we would get a decent short term come back on all of the fluffy bailout talk.
chris i like all those trades. especially the gld puts. :beer
gold should take dump as money flows back into the market.
Thanks! That’s my logic.
Just sold those MS calls for ~100% gain in just 5 hours. I love swing trades!
Still holding FAS because I basically lost my ass on this and am hoping for any kind of recoup.
Just bought a BAC 7.50 put for a quick flip on some of this overbought pullback. Look at the gains today!
Also just bought FEB 17.5 WFC puts. Too much momentum today and am basically playing these for a pullback.
I sold out another %25 of QQQQ into the end of the day at 30.36…I’m still holding remaining %25 of position…I sold (%50) at 29.85 and (%25 more) at 30.36…Entry was at 29.35…Watched DXO move up and didnt take a share…I was managing my QQQQ trade and scalping in between…These days and these type of trades are what we wait for as traders…I also missed a great BAC short this a.m…At $7.80 premarket I tried for 10k shares short and didnt get the fill and watched it fall like a rock…I never chase short entries on a stock that is making moves like BAC was…
Yes, these days justify those ‘sideways churning for what seems like an eternity’ days. I’m not a sideways person, although you can make money on such situations with different options strategies. I want the market going up, or going down.
On a side note, my PUTS should net me decent returns if we have any sensible investors take their profits tonight/ tomorrow morning in such drastically overbought banks today. WFC, up 30% today. BAC, up ~14% today. Betting on that retracement/ profit taking and then I’ll ride the next wave.
Watch out for DRYS. Talks of having problems paying dividends and loan breaches from two of their lenders have DRYS tanked AH’s tonight and I don’t see a rebound for a bit. Here is a link:
http://www.reuters.com/article/marketsNews/idINBNG3011520090128?rpc=44
I’m currently looking at some puts for a quick flip on the momentum.
drys ship be sinking…i love it. they’re gonna have to dilute the stock holders to make banks happy. with this news i dont think 8 is my price target anymore. more like 6
If etrade allowed shorting drys i would play right now. its dropped to 9 from 12. its getting distrubuted right now, the boys will be back to bomb it today. i think it ends the day in the 7’s :beer
I still like drys, i have been waiting for it to tank back. it rolled up too much steam with no fundamentals to prop it up to the 17’s. i was shocked to see it that high.