Feel free to discuss anything.
Also, I've added a game to the open thread. My friends and I often play this game, Wise and Otherwise, when we take vacations together. It works like this... someone picks a card from a deck and reads one of the sayings off of the card. The other players have to finish the saying. The player who fools the most people into thinking that their saying is correct, wins the most points that round.
Come back Sunday night and vote for the saying that you think is correct.
So, here's the saying you have to complete via the comments section.
There's an old Swedish saying,
One should choose one's bedmate...
Okay, and throughout the weekend I'll update this thread with some interesting links. Also, feel free to add your own via the comments section.
1. HPT has an excellent video of Ron Paul up at his site. A Republican I actually like and would consider voting for.
2. Check out this Indian condom PSA.
3. Sure, Chinese stocks may run into the Olympics, but once people see how freaking polluted the place is, perhaps they'll rethink their investments... don't expect many new world records, that's for sure.
4. Completely awful photography, courtesy of the Wall Street Fighter. While you're there, make sure to search out his post on things that were cool in 1977 but would get your ass kicked in 2007. Hilarious, original stuff.
5. Words of wisdom, from Bubs... or, at least, plagurized by Bubs...
Friday, November 2, 2007
Two days in a row where I was up nicely and managed to give large sums of money back to the market. I've been trading nervously and overtrading with absolutely no patience. If something doesn't work for me right away, I've been getting out of the position... often this means I buy back at higher prices or sell at lower prices.
In short, I'm trading shitty in a market that's great for trading. I feel like I should be losing money... no joke.
The market hasn't been this good to trade since August. Hopefully we can keep this up for a few more weeks. Perhaps that will give me enough time to learn how to trade again.
Anyway, my best trades of the day were shorts in ITU, CNS and TBSI. I also caught smaller moves in AB and RWT.
On the downside, I threw money away trading MTG. This stock frustrated me to no end. Another stock that destroyed me was ANW. I lost over $500 in each trying to short them when all they wanted to do was churn or move higher. These were silly, revenge trades.
Anyway, it was nice to surf midday. Tomorrow the surf here could be huge. I will try to get some video and post it over the weekend. While I was surfing I forgot all about the market... it's really nice to have an activity that takes your head away from the market. Really, I'm being serious here... if you want to be a better trader, get a hobby that you can lose yourself in from time to time... it's healthy.
Again, come say "hi" on the open thread this weekend.
Here's the stats:
Best, ITU, $953
Worst, MTG, -$507
60,600 shares traded.
29 stocks traded. 14 winners, 15 losers.
Me, $2087 on 60,600 shares traded.
Akalawoo, $1346 on 8 contracts traded.
Dehtrader, $1150 on 1900 shares traded.
Evolution, $363 on 101,400 shares traded.
OBAT, $184 on 16,600 shares traded.
Wincity, $61 on 1200 shares traded.
Stewie, no trades, vacation.
Denarii, -$41 on 1300 shares traded.
Well, they brought the Dow and Nasdaq positive into the close... rah! rah! Dow 50,000! NOT!
Meanwhile, volume was good again as we crested the 1.7 billion level and volatility was good, despite the fact that the VIX closed negative.
I'm neither a bull or a bear, I'm a trader. As a trader I can say this, the market feels very heavy. However, that said, you could easily spot the leadership in the market today as the ferts and techs took off.
Sure, you could say that the selling is confined to one sector. This is largely true... however, it's confined to the most important sector in the whole friggin market. To pretend that the woes of the financial sector won't bleed all over the rest of the market eventually is a bit crazy in my opinion.
But look, I'm usually wrong about broad market moves. So, you can go into the weekend knowing that the Dow probably will get to 50,000 sometime next week.
A good day for the VO as almost everyone finished in the green. Evolution told me he was having a better day and gave a lot back, I had the same situation, even though I poked out midday for some surf. Had I hung around all day, I probably would have given it all back.
I suck like that.
Who cares? The market freaked out yesterday. It's emotion and not earnings reports that's ruling this market right now.
Take out that "lint free" cloth and wipe your glasses.
The job number is about to be released... it will give the bulls the chance to argue for Dow 50,000 and the bears a chance to argue for Dow 10,000.
In short, anything can happen today and probably will. The close is more important than the open.
UPDATE: Nonfarm payrolls up 166,000. The market freaks out to the upside! Dow 50,000!
QUESTION: Who let Michelle Cabrusa Cabrera out of the 4:00am time-slot? Click!