Monday, July 14, 2008

Bank Run!

First of all, kudos to "the Fly" for not only minting coin in this market, but for "getting it" as well.

I'd love to buy that guy a beer. However, I'd be fearful the whole while for my eyebrows... not to mention, my mustache. Actually, my entire beard would be terrified.

So wow... everything is going straight to hell, including my neighbor, who was out with powertools at 9pm last night. You go to hell, Mr. Neighbor.

Where's the nice place to move in the Canadian Maritime Provinces? Anyone? I'm serious.

Okay, I digress.

Today, for all the freakiness of the market, and for all the bank runs, and fear, I had a relaxed and uneventful day. Profitable. Boring. Stable. What I'm after.

I didn't trade well. My best stock of the day, BIDU, was difficult, and I left a number of points on the table. However, since it was the first time I've ever traded this monster, I was happy to get in and out with profits.

My first trade was a little premature, and I lost a quick point. However, minutes later, the stock based again, and I sold at $305.02 and then added to the short at $303.50. So I was short 200 shares which I thought was nicely aggressive on my part.



The stock dropped nicely through the HCPG target of $303, but then bounced hard at $302, all the way back up to $307. I covered my shares at an average price of $303, so I managed to make a little over a point on the 200 shares.

After the stock bounced, it crept lower again. I debated getting involved at $302, but decided against it, because I thought $300 could be supportive and the market was actually bouncing at 10:20 or so, when $302 traded. In retrospect... but anyway... I made some money there.

I also had a decent trade in the morning in CSIQ, but I was ultra cautious on the trade since the stock was up so much early...

Finally, I took choppy losses in ENER and V. Also, I took a stab at a long in FCL through $80, which ultimately worked, but not before stopping me out for a small loss.

So, altogether, it was a green day for me. However, I left a lot of money on the table.

I will report on the RO, in a separate post.

1 comment:

Krish Rathi said...

Hey DT..I just wanted to tell you I admired your post. It requires a lot of guts to present your trading as it is even when you made losses! What makes it better is you analyze the loss, which would be beneficial to you too as a running trading journal. I have a feeling you will do very well my friend! Kudos.
Krish