Thursday, June 7, 2007
This post will be short since I have to get out of here soon. In sum, I had a wild one.
I lost early in a TNH trade that set me back a few hundred and then got smacked in just about every trade I entered for an hour after that. The one that hurt me most was BEN at 10:35. I was substantially long when he dropped 70 cents very quickly.
I also got clipped in POT when he spiked up 2.5 points on a block trade... I was in to buy just before the print and lost a quick half point.
I was saved by a CROX short. I short 1000 shares at 88.70 at around 12:10 when he tried to rally back up to the highs of the day and failed. I was patient in covering the position and managed to by most back under 87.
I also managed to catch some longs in the "bounce" between 2:30 and 3pm. Luckily, I didn't get stubborn with them or I would have been spanked.
Anyway, I must bolt. Have a great weekend and good luck tomorrow.
Here's the stats:
Best, CROX, $1248
Worst, BEN, -$594
shares traded, 68,200
stocks traded, 22, 8 positive, 14 negative
total trades, 335
One last note. To all those who have been saying I'm overtrading, I agree. I'm going to work on pinpointing entries and exits better. Thanks.
Misstrade, $3660 on 4800 shares traded.
Evolution, $795 on 24,000 shares traded.
Dehtrader, $579 on 11,800 shares traded.
Denarii, $5 on 1000 shares traded.
Me, -$78 on 68,200 shares traded.
I really can't remember the last time the Advancers on the NYSE were only at 280, but today that's where they were and decliners were over 3000. That's basically the definition of a broad-based decline.
It was ugly, and volume swelled, adding insult to injury.
Misstrade took the lemons and made some lemonade and ET and Dehtrader put up good numbers.
I am out of here tomorrow as I will be heading North. Please go to Evolution's site for the VO tomorrow. And if you are a VOer, please send ET your numbers.
Have a great weekend everyone. I will try to post remotely at least once. If I have some time in the hotel, I plan on starting my next "history" post. It's been a while.