Friday, February 22, 2008

Charlie Gasparino Bailed Out Dinosaur Trader

Charlie Gasparino, of CNBC, that glorious business news channel, bailed my poor ass out today at 3:25.

He said that the bond insurer ABK will be bailed out this weekend. As some dude said on CNBC earlier this morning, "somebody has to bail out somebody soon." Indeed.

Anyway, at 3:25 I was down $500 and feeling sorry for myself. My big loss on the day was in CW.

I'm calling that a "modified ass rape" as opposed to the run of the mill "ass rape" because of the little bar between the spike down and spike up. That tiny little green bar in between the big red and big green bar represents hope. Dashed hope.

I short the stock because on the daily, it had come down to $42 a number of times. With the market weak and the stock near the number, I thought a break would at least be a "safe" trade. However, I made the rookie error of not noticing how incredibly thin this stock trades.

So I broke a cardinal rule of trading post hybrid market, "thou shalt not trade thin stocks." I got some pretty bad slippage on my outs. So I lost $244.

Another nightmare for me today was DV. The stock was trading awfully today and I should have just stayed away... I lost another $240 there.

I won't even talk about my Gasparino longs. I'm embarassed I only made $700 during the rally. Everything ripped. My best, was AGO.

Anyway, I have a long weekend ahead of me. I'm going to go through each of my trades made today. EVERY DAMN ONE! Because I'm getting sick of this shit.

Meanwhile, the VO was late because after the close, we met with a life insurance dude. Talk about a guy with no sense of humor! He asked me if I used tobacco products and I told him, straight-faced, "only when I'm drunk and high." Judy spit her coffee out but the guy didn't crack a smile. Perhaps he's heard it like 1000 times before... I dunno, I thought it was funny.

This weekend, during a quiet moment, be happy.

Here's the stats:

P&L, $173
Best, AGO, $144
Worst, CW, -$244

17,400 shares traded.
16 stocks traded. 11 winners, 5 losers.

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