Done Early
I got smoked off the bat shorting ACI. Funny, I guess being downgraded doesn't matter when you're in the strongest freaking sector.
I made most of it back when it dropped from 10-10:30. Still, it was my worst stock today as I lost $158 in it.
My best trade was a short in GGP.
The REITS were coming off and GGP was still up decent. Ironically, esignal and its late news reporting helped me out. LEH had a positive note out on GGP that I didn't see (because esiggy didn't publish it). I may not have been short in light of positive news.
Anyway, I got short up around $37.40 and covered most below $37 for a $339 winner.
I also caught nice longs in MEE and ESI.
However, I'm stopping because my win/loss ratio is pretty poor today and a lot of the guys in my office are getting smoked. The volume sucks and this feels like another slow melt up. I'll take the small win and keep some positive momentum.
Meanwhile, my house is about to be demolished by 3 year olds. I need a little peace before they descend.
Here's the stats:
P&L, $194
Best, GGP, $339
Worst, ACI, -$158
19,000 shares traded.
6 winners, 12 losers.
5 comments:
DT,
You say "the guys in your office". Where do you work? Is it a daytrading hub or something?
-P
ET,
I remote trade from home, however, there's an office full of lunatics who I converse with minute to minute.
-DT
Shorting crazy stocks on a downgrade is decidedly low probability. I've seen it happen too many times and actually traded the opposite way for a while until one day I got caught on a hospital stock.
Besides, ACI reversed down 7% yesterday.
Win,
True, but I actually saw yesterday's reversal as helping the downgrade/short scenario...
-DT
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