Thursday, July 19, 2007

The Aislers Set, "Hit The Snow"

Shipping Is En Fuego

I guess that's kind of a no-brainer with oil at $76 a barrel, huh?

Anyway, that was the story of the day although that wasn't clear to me at the open.

At the open, I was paying attention to "the Fly" pick VMI and I was looking for a quick pop in LNN (they are competitors) due to the strength of the earnings in VMI. I made a quick half point in LNN and moved on. Later, I would buy back and make another 20 cents, but in the morning it was a quick play for me.

I then got involved in a number of bad trades. I hate days like today, when the market gaps up and then immediately flatlines or heads lower. I'm feeling all bullish at the open and then you get all these failed trades. It's frustrating because you get long, you look at the indexes and they're all up, but you're losing money.

My worst trade at this point came in UBB. I was really watching it to hold the $130 level after the gap up in the morning.

I felt confident it would and I was actually afraid it wasn't going to pull all the way back down to $130, so I put limits in at $130.40 to buy some. I was filled and watched the stock sink lower. When it broke $130, I sold, taking a .40 loss on 300 shares. But here I got involved with some of my bad thought patterns. I reexamined the 15-minute graph, and was like, "Oh yeah, support wasn't at $130, it's really at $129.60 or so" and with this newly minted confidence, I bought again. And, I lost again. Then, I made the "support" at $129.40 and you can see what happened. I sold near the low of the day, right around $129.

Eventually, the stock rebounded. Actually, it bounced right after I sold and I was so angry that I thought hard about injuring my cat. I didn't want to kill the cat, but I thought about snapping a rubber-band at him or something... but I didn't.

Instead I moved onto the shippers. "Stewie" and "johnson" over at Wallstreak were watching DRYS and GNK which were both up strong and ripping. So I bought into a couple of the shippers that trade on the NYSE, EXM and SFL.

SFL is not a very volatile stock, so I felt comfortable buying a larger position than I've been trading with lately. I picked up 800 shares right around $30 a share. After a brief correction, the stock moved smartly up, mirroring the strength in the rest of the sector. I sold some in the $30.35 area, but held the rest and ended up netting over a half point in the trade.

This was good for me mentally for a couple of reasons. When things were good, 800 shares was the way I liked to start positions. It was nice to get back to that number of shares and have a trade work in my favor. Felt like the old days, even if it was just for a half point.

Anyway, I'm very happy with the way I've rebounded after the disaster I had from last Tuesday. If I can keep this up for the rest of the month, I should be in a good mental state heading into the vacation month, August. I've also noticed that I'm kind of settling in with making just under 100 trades a day (50 trades, open and shut) and trading around 15,000 shares. I think this consistency in my raw numbers is a good sign, although I don't know why.

Here's the stats:

P&L, $464
Best, SFL, $433
Worst, UBB, -$399

shares traded, 15,200
12 stocks traded, 7 positive, 5 negative
total trades, 92

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Virtual Office, $4005. Dow, +82.19, 1400.19.

Misstrade, $3240 on 16,000 shares traded.
Me, $464 on 15,200 shares traded.
HPT, $226 on 26 contracts traded.
Denarii, $152 on 1200 shares traded.
Bubs, no trades.
Evolution, -$30 on 25,500 shares traded.
OBAT, -$74 on 8200 shares traded.

A nice day for the VO as the Dow closed higher, right at the 14,000 level.

Honestly, I can't wait until we trade away from this level, one way or the other.

If you were checking on Wallstreak today, then you were probably involved in the hottest sector out there, the sexy and volatile Shipping sector. Huh? Shipping is sexy?

That's right, led by a strong earnings report from DRYS and GNK, the shipping sector skyrocketed with big advances also in EXM, SFL, OSG and TBSI. It's always great to see money moving en masse into an entire sector. Makes this job easier.

Anyway, we have options expiration tomorrow and a summer Friday. Should be fun!

Pissed Jeans, "I've Still Got You (Ice Cream)

A high-energy song to get the market going.

UPDATE: It worked! Who needs oatmeal?


When "nature calls" I walk the 15 feet to my bathroom and crack open a dictionary. That's right, I keep one right next to the can. While I am doing my "business" I look for funny words. This is just another perk I get from working at home.

Anyway, I've decided to share some of the funny or interesting words I find. I think it's important for you to read these posts and understand that I was taking a crap while I found them. Sorry mom.

Today's word is "gunkhole"!

Gunkhole: n. A small, sheltered cove for anchoring small watercraft - vi. -holed, holing to make a series of short pleasure trips by boat, as from island to island.

So, enjoy calling a co-worker a "gunkhole" today. When they get pissed, explain to them the definition with a smug smile ("Ha! Dickhead! I was just calling you a small sheltered cove!"). Then you get to call them a moron. This is why I never made friends when I worked in an office.

Steam Pipe Explosion

Having been downtown for 9/11 I can say that I'm very happy I wasn't around for this one, even if it wasn't terrorism related.

I mean, this should highlight the irresponsibility of the administration for terrorizing us with terrorism. When Michael Chertoff is going around telling the entire fucking nation on the Sunday morning talk shows that he has a "gut feeling" there will be an attack soon because "it's the summer" I'm sure people listen.

For example, here's a quote from a Yahoo news story:

"We were scared to death. It sounded like a bomb hit or a bomb went off, just like 9/11. People were hysterical, crying, running down the street," said Karyn Easton, a customer at a salon a few blocks from the site of the blast. "It was really surreal."

I watched some other videos of this where people were completely freaked out. When they think the end of the world is coming every other week, you can understand why.