Friday, January 4, 2008

Virtual Office, -$3472. Dow, -256.54, 12,800.18.

Misstrade, $1600 on 1600 shares traded.
Sanglucci, $454 on 19,800 shares traded.
OBAT, $51 on 9600 shares traded.
Denarii, $2 on 800 shares traded.
Akalawoo, AWOL.
Me, no trades
Tard, -$752 on 11 contracts traded.
Evolution, -$2180 on 152,800 shares traded.
Dehtrader, -$2647 on 1420 shares traded.


Today the market suffered a high volume sell off. The VIX rose smartly up 1.61 to 24.10 while the Dow got crushed, giving up over 260 points on over 1.6 billion shares.

Man, things are getting ugly.

I was a silent participant in a trading room and most of the guys were getting smoked. And the VO suffered it's second down day in a row. Not sure if that has ever happened before. I don't think so. Perhaps missing this week wasn't the worst thing that could have happened to me.

We're due for a bounce, but really, it will be short lived. We're on our way to the lows of August. After that, who knows?

It may be a good time to pick up the William O'Neill book, How To Make Money Selling Stocks Short.

5 comments:

Richard Todd said...

Dow -250ish didn't look as strange to me as nasdaq down 100 at one point. What a strange day!

I'm sorry to hear that the VO and that trading room had a rough time with it, especially when there was so much potential. Were the stocks just too messy, or were people trying to pick the bottom?

MIsstrade said...

Guess everyone is long only. Tough to make money fading the trend down, there was no bottom today. Sell em all!!

Dinosaur Trader said...

richard,

A lot of the guys were complaining of overall messiness, however a few "dug in" with some long positions.

-DT

Dave said...

I tried some things long and short, but in general the market was very choppy today. My stops were probably too tight for how choppy the market action was today.

I was down something like 7R at the end of the day. Ouch :/

I believe thats 7 losing trades and 2 for break even... bleh.

Dinosaur Trader said...

Dave,

That was the consensus in the room I was listening in on. Choppy, wide swings, tough to hang in positions.

-DT