Tuesday, October 30, 2007

Shippers Sink Market

First of all, let's give it up for WCG. It's not often that you get to see a stock go from $125 to $22 in 4 trading days.

And yes, I lost a little money in it today.

Today was an odd day. For the first time in a long while, I didn't mess with the open. I had no feelings about which way stocks "should" be going and I had no confidence that if I bought something it would go up or that if I sold something, it would go down. So I just sat around, getting "yellow."

I finally made some trades and promptly lost money. The main culprit was CF. I lost good money on both the long side and the short side.

After blowing through $500 in him, I decided to trade with only 100 and 200 share lots for the rest of the day. Everyone on Wallstreak was complaining about the day and it just felt mushy out there. So I made a bunch of small trades and basically churned water.

The most exciting thing that happened during the day was when I brought my lunch up to my desk. I made myself a big bowl of pasta. Just as I went to put it on my desk, it slipped out of my hand and the whole damn thing landed on my tatami rug. Marinara sauce and tatami does not mix. Now I need to buy a rug to put over my other rug. Cleaning up kept me busy for the middle of the day.

Then, finally some action as DRYS seriously, "shit the shower."

I made a couple of unprofitable long trades in DRYS. However, because of it's weakness I short both DSX and ANW. I covered both early but made enough in both trades to completely turn my day around. At 3pm I was down $400 or so. In that last hour I managed to make back all my losses and turn a profit.

Tomorrow will be interesting. Everyone seems to think they're going to cut 25bp and that will make the market rally. Normally, when everyone thinks the same thing the market chooses to do something different. Remember, the market loves to disappoint.

It's late. Here's the stats:

Best, DSX, $810
Worst, CF,

35,400 shares traded.
21 stocks traded, 9 winners, 12 losers.
203 trades.

1 comment:

Bluedog said...

I was caught in meetings all day and lost the fall of the shippers until after market close. Man, it would have been great to be short any of them for that 1 1/2 hrs. Did anyone on Wallstreak catch it?