Wednesday, September 26, 2007

The Dead - Billy Collins Animated Poetry

Buffet And The Bear

Well, well. If it isn't Uncle Ben saving the market's ass, it's Uncle Warren.

If the bears weren't scared shitless after the 50bp rate cut, they must be freaked out now.

Anyway, it was a pretty crazy day for me. Like I said in my earlier post, I got killed in CMI, but had good trades in LDK and TBSI.

In LDK, I was in and out a lot between 9:45 and 10:45 but always net short.

I got short TBSI when all the shippers started to collapse. He was lagging behind the fall.

I still overtraded today. However, I'm pretty damn pleased with the performance of my "swing" account. I'm now officially in the green there. Once I gain a little more confidence with that style I will start increasing my position sizes and daytrade less. That's my new plan.

The writing has been on the wall as far as me and daytrading for sometime. Really, since the beginning of the year and the implementation of the hybrid market. Simply put, I don't like trading stocks with limit orders and I hate the way the NYSE trades like a goddamn ECN now. So I'm working on adjusting my style.

Near the close today I added another stock to my "swing" account. 100 shares of FED at $51.11. There's a lot of economic data out tomorrow so I'm a little nervous about adding any more size to my current positions. I'm going to keep it mellow for the rest of September and see what October brings.

Meanwhile, does anyone miss me creating links to the stock profiles directly from this post each day?

Here's the stats:
P&L, $1155
Best, LDK, $1225
Worst, CMI, -$831

54,600 shares traded.
27 stocks traded. 16 winners, 11 losers.
194 trades.

Virtual Office, $3091. Dow, +99.50, 13878.15.

Momojuicing, $3412 on 11,800 shares traded.
Me, $1192 on 55,000 shares traded.
OBAT, $100 on 8400 shares traded.
Bubs, flat on 1200 shares traded.
Evolution, switching firms, no trades.
Denarii, -$136 on 3200 shares traded.
Tapeworm, -$355 on 4 contracts traded.
Akalawoo, -$487 on 15 contracts traded.
Misstrade, -$635 on 20,000 shares traded.

It was a wild day in the market. I'd love to know who got their hands on that BSC news at 10:45. That's when we had our first financial rally of the day led by BSC a few hours before the "news" was made public.

Anyway, volume was again crappy. You know, I use esignal and check $tvol to get my volume numbers. But someone told me the other day that leaves out ECN volume. If someone knows how to get the cumulative volume number on esignal, please let me know.

As it is, it looks like we traded just below 1,300,000,000 shares today. Blah.

Lots of eco-data in the morning. Should make for an interesting open. We'll see.

Meanwhile, Gasparino on CNBC is really sticking his neck out by saying that the Buffet news is most likely false... props to him either way...

Sold 200 of 300 DE, Bought 100 NMX

Well, the post title pretty much sums it up. I took the quick and easy gains on the DE, selling 100 at $143.51 and another 100 at $144.37. I'll hold the other 100 until it breaks my entry.

Also, taking a tip from Momojuicing, I picked up a little NMX for the swing. I love the daily chart on it so I figured I'd give it a shot. I got 100 at $129.17. A break of $130 would be sweet. As for downside risk, I'd be out if it broke the low of the day, around $126 or so...

So with these transactions, my "swing" account currently has these 3 positions.

100 DE
100 NMX
100 POT

One Semester Of Spanish Love Song

Good stuff.

Wild Morning

All I wanted to do was relax today, but the market wouldn't let that happen.

In short, I got smoked in CMI and made some good trades in LDK and TBSI. I also caught the rally in the financials led by BSC starting at 10:50 or so, but the exit was ugly.

So I'm up, but heading out to the surf shop to pick up my newly repaired board.

Also, despite losing 75% in my swing trading account on my first two trades, it has now turned the corner and I'm nicely positive in it thanks largely to my DE overnight position.

September Sessions

Okay, so I watched the Jack Johnson "movie" September Sessions last night. The first thing I noticed, just as I was getting comfortable on the couch, was that it's not a "movie" at all since it's only 26 minutes long.

Which leads me to the next thing I noticed. I was happy it was so short. The surfing is pretty amazing but it's also pretty repetitive with guys on short boards getting barreled and making sharp turns up the face of the wave and then riding it back down.

There's also no dialogue, just voice-overs mainly with the star surfers explaining how stressed out they've been on the tour circuit and how stoked they were just to get a chance to make this movie which apparently is "all about the stoke."

I mean, it's fine to watch but you have to go into it knowing that it's really short. I'm not going to harsh on it too bad because the footage is amazing but, it's not a movie... more like a short collection of surf footage collected over a couple of days without a story to really hold it together.

So here's the 3-min trailer. Imagine 23 minutes more of the same and you've got the movie. Pretty cool for what it is.