Wednesday, November 7, 2007

Virtual Office, $5034. Dow, -360.92, 13300.02.

Evolution, $1448 on 91,700 shares traded.
Me, $541 on 41,300 shares traded.
Denarii, $130 on 800 shares traded.
Akalawoo, $48 on 1 contract traded.
Wincity, no trades.
Stewie, no trades.
OBAT, -$68 on 14,000 shares traded.
Dehtrader, -$135 on 3480 shares traded.

Wow, well we blew right past those lows from October 19th at 13,407.

It's hard to really read how serious this sell-off is though because at this point, it's clear that so much volume is trading off of the NYSE that the volume numbers I report each night are basically irrelevant. We traded about 1.6 billion on the NYSE today. Good, but not worthy of this market move. I'm sure there was tons traded elsewhere that would really blow these volume numbers up.

If you were silly enough to watch CNBC at the end of the day you were treated to Maria making a fool of herself once again as she breathlessly explained that the market on close sell imbalances which come out EVERY DAY were going to take the market down in the last 10 minutes.

"I can only tell you that things are going to get worse in the next 10 minutes," she explained. I guess that first 320 points had nothing to do with us losing another 40 more there at the close. It's called a "trend" Maria, and it's going down. Please, CNBC... do something about her.

The VO did okay today, but really, I thought we'd have some big numbers.

I have shit to do right after the close so my daily post will be late.

UPDATE: I just blew up my "swing" account by shorting FSLR into earnings. In retrospect, that was dumb. The stock is up $30 afterhours. I was short 100 shares. Luckily, I covered the other 200 I was short before the close.

2 comments:

KC Equity Trader said...

I take it that your not a trend trader.

Having a Swing Trade Short position in a market that has been trending up for 3 months is risky. Earnings plays are even more riskier.

Sanglucci said...

Market today was bananas... we continuously retested lows, in this kinda market a lot of these guys are really futures driven a sudden turn can ruin your trade quick. I scalped the shit outta the market today. I been tradin this Cisco aftermarket it's been real juicy check it out!