Absolutely! They are an intraday traders dream when they start to move!
I think that the market is in a precarious position. It’s banging around the bottom of the range (below 8,000 on the Dow). I think that it’s entirely possible that we could finally grind lower. Look at the chart of the great depression. Big drop in 1929, then lower over a multi-year period. Are we in 1930? The government is making many of the same mistakes.
On the other hand, the next bailout is coming next week, so maybe that can keep things going one more time. This is going to be very interesting.
Mike
I personally feel the only reason we haven’t tested lows is because the bailout and bad bank proposal is still looming behind closed doors and has not been released yet. I think a lot of people are afraid to be short right now with so much of the stimulus and bad bank details in the dark. Once we get that out, what’s going to prop the economy up then? There isn’t much more the Fed can do and the government is slowly running out of options. I surely hope we do bounce and that this is capitulation, but I don’t think we’re even close. With all that said though, you can still make money in any market.
Crazy morning Rookie! Did you substitute Pepto Bismal for milk this morning in your Cheerios?
wow what a bailout…I also had a massive trade on the QQQQ…I made $$$ overall but have a headache from today…
Buy 10,000 Shares of QQQQ 10:31:13 AM
Order Number:B05NFMWG Details Filled at $29.86
Sell 5,000 Shares of QQQQ
Order Number:B05NGGBZ Details Filled at $30.4411
Sell 5,000 Shares of QQQQ 10:57:46 AM
Order Number:B05NGHWM Details Filled at $30.3911
And I still have 1/2 of those earlier positions…I wound up about $7200 or so net and I still have a handfull of some stocks/etfs…I took a loss last night of 3k so I’m up $4200 REALIZED and probably 1-2k unrealized gains…And yes it was a sickening day…I made the QQQQ trade from my crackberry and was smiling in my attorneys office…Unsure what caused me more stress today, the market or the Long Island Expressway…
Your other half, assuming you weren’t short anything, should be doing very well this morning Rookie! Nice hold.
REI Chris,
Yes ty…Up over 5k on the day TODAY…I will post all sell orders later as Im extremely busy with my attorney again today…No QQQQ trades today to talk about but check out SKS and NYT…I will post more later and post my sell orders…Total between losses and gains I have a net profit of over $10000 or close to it at this point…I should have made 3x that but I havent even been at my pc because of these damn BS money hard money loan/mortgages I have been holding for people…Anyway I will post later…$$$$$$$$$$$$$$$$$$$$$$$$
sell orders for the day…
Sell 777 Shares of USD 09:38:36 AM
Order Number:B06NCFDB Details Filled at $15.31
Sell 616 Shares of IFN 09:41:16 AM
Order Number:B06NCKQW Details Verified Cancelled/Partially Filled
Sell 450 Shares of EEM 09:50:52 AM
Order Number:B06NDDGB Details Filled at $24.472
Sell 466 Shares of SSO 09:58:16 AM
Order Number:B06NDQCJ Details Filled at $23.8101
Sell 471 Shares of RSX 10:52:17 AM
Order Number:B06NHFJG Details Filled at $11.6601
Sell 4,480 Shares of SKS
Order Number:B06NHGXZ Details Verified Canceled
Sell 265 Shares of EFA
Order Number:B06NPDKC Details Verified Canceled
Sell 516 Shares of IFN 02:13:09 PM
Order Number:B06NQGZM Details Filled at $17.6254
Sell 265 Shares of EFA 02:33:33 PM
Order Number:B06NQWGN Details Filled at $40.7708
Sell 2,218 Shares of NYT 02:34:16 PM
Order Number:B06NQWRF Details Filled at $5.1425
Sell 4,418 Shares of SKS 02:38:58 PM----02:56:27 PM (yes it took 18 minutes to fill)
Order Number:B06NRBRW Details Filled at $2.68
Sell 2533 Shares of URE 02:57:31 PM
Order Number:B06NRQHW Details Filled at $4.33
I was wrong…I’m only up $9000+ NET REALIZED profits on these trades with yesterdays QQQQ scalp also…Not bad for 2 days work,should have been more…Hopefully my bond funds will rally today and make for a nice Friday payday…
Sold my JPM calls earlier for a 38% gain and bought some GS calls right around that time which I am breakeven on right now that I decided to hold into Monday morning on the noon release of the bank plan.
Bought those JPM calls on Wednesday for 2.2, watched them lose a little on Thursday, and jump today to 3.05 where I sold. Sold a little early, but some profit is better than none.
Chris good play…I respect how you are keeping your trades very small…And you always have a good premise for being in the trades,key to successful trading…Stay where you are comfortable and you can maintain the shakes and wiggles of the markets…There is alot of money to be made so long as you keep your discipiline in check…Remember pigs get slaughtered and you dont always have to be in the markets…Part of trading is coulda shoulda and woulda…Get use to it…I still moan every day ,especially the days I make big money…Overall a great week,a great YTD so far…Volatility is here to stay for a while and I would watch oil once it goes lower…I’m planning a large position (long) at $25 oil if we get there…I will be buying canroys,drillers,dxo if we hit that area…The dividends from the canroys are insane and can be maintained but the volatility is nauseating so its best to make entries into heavy blood…
Thanks for the kind words Rookie! I’m only 24, and while I wish I would have started earlier, I find it hard to discuss anything along the likes of investing/ trading with friends/ people in general. The minute you open your mouth and begin to talk about the stock market, you get criticized because of sheer ignorance. This is why I like to discuss the market so much online. At least I’m amongst others who share the same passion, and pains, as I do day in and day out. Oh well, their sheer ignorance will make me a very rich man someday hopefully. This isn’t just a fad to me; I treat this like my job/ business, as one should do and make my trades very carefully, or with as much caution as I can. I just started trading, but have done my research for quite some time now so while I have a lot of ‘book’ work in, I’m still somewhat new to the dynamics of the market in the sense that I’m trading with real money now.
I made some very bad judgment calls in my first week, and with 2x and 3x ETFs too on top of it. I’ve been trading with MUCH greater discipline and have noticed a big difference in my gainskeeper due to that. It’s difficult to build wealth with a much smaller account that I am trading, but had I jumped in with thousands and thousands of dollars, I would be down ~50% on my account which would probably cause me to not want to come back to the table. I guess I’m done ranting now and will get back to the charts/ plays for Monday!
P.S. GS is up to 98.06 AHs! My 100 Feb calls, which I bought ~95.5 for 4.00 should be decently green Monday morning barring nothing major happens which can always be the case. I’m ‘expecting’ one last gap up and major move Monday morning before the noon release of the bank proposal. I’ll play the charts closely for an exit on this kind of momentum. 100 is the next level of resistance, but with this kind of steam behind it, I’ll play the technicals closely.
Hey Liquidity,
I’ve been sitting here doing the usual chart scanning/ research and have noticed how the BDI is picking back up as of lately, which should be indicative of commodities being moved. Look at these charts in comparison to other commodities:
http://www.investmenttools.com/futures/bdi_baltic_dry_index.htm
I don’t know exactly if I would be long DRYS, just from the weakness they have shown consistently compared to other shippers, but I think it’s about time to start looking at commodity plays. We’ve seen a return of money into names like POT and MOS, amongst many other names tied to commodities. There are also the big names calling for a commodities bubble within the next couple of years on top of it. Obviously you have to take all of this for what it is, but I think I’ll be keeping a much closer eye on commodities lately than I have before. A lot of these names have been beaten down to pennies on the dollar it seems. Just something to keep in mind!
I know my plays (investment that is) are very different than what you guys look for …And I know I sound like a broken record with these damn closed end funds but Im planning yet another entry on a basket of them this week…Hopefully I will get a pullback then I plan to buy my basket of closed end funds again…So far I have only lost on these plays ,lets see if we can get some continuation of this rally…I’m doubtful though…Im getting long reits,debt,emerg mkt debt,div income plays…Cohen & Steers closed end funds and some Gamco funds as well…I’m an income junkie…
I was just reading something a couple days ago about the strength of emerging market debt. I don’t know much about it, and it probably isn’t my cup of tea, but they were giving it a lot of credit. If I had a lot of money to invest, my strategies would obviously be much less riskier than playing options strategies and spreads. I’d be more inclined to do what you are doing Rookie.
Still holding my GS 100 Feb calls that I bought for 4.00. I have a mental stop loss setup, and am playing the intraday charts. GS just broke out on a Bullish Triangle/ descending wedge, and may form that intraday climb/ ascending wedge now. The last few days where GS ended on green, it has started out sluggishly and with a 1-2% loss in the morning. I expected people to pocket their profit this morning on the delay of the bank proposal, and just to lock in profit regardless, not to mention the morning drops GS has showed on green days, so I’m not sweating…yet.
I wound up taking a small position in some closed end funds,I guess the market is going to tank tomorrow now…lol…
Chris
I think the safest place to put money is in china related growth, ie commodities, dry bulk. these sectors have to revive back to close levels as before. if our country gets out of the funk were in they will raise higher than before.
I bought drys today 3700 shares at about $7.00 premarket. the bdi has been on a huge upswing which i think will continue for some time. it went down hard it will go up hard now. Im still shaky though because their earnings are gonna suck and i wonder if the market is wise to it and wonder which way they’ll play it.
I’m gonna start looking into commodity names soon also.
Just to clarify on my GS situation, I got out of my 100 calls with a 17% loss this morning and hopped into some Feb 80 puts which are up nearly 70% right now. I had some profit this morning in my GS, but the selloff happened so quickly and I bailed ship on a reversal of the selling so that I didn’t sell into the selling itself. My stop loss was @ 3, it triggered (mental) and I waited for a pullback and sold @ 3.30 to limit my loss. This is going to be a VERY VERY RED DAY! (Green for me so far though :biggrin)
:banghead Geitner is not playing ball here boys…
He couldn’t even remember to pay his taxes (after his employer reminded him). What makes you think he can come up with an intelligent plan? The “stimulus” plan is nothing but a big social engineering spending spree and they haven’t got a clue about the financial rescue (because borrowing more money to correct an overborrowing problem borders on insanity).
Mike