Monday, October 13, 2008

Smoked Myself Early

Thus the quiet blog.

But I want to relay a funny conversation today. Not long after my XOM destruction, "Trader D" was bemoaning the fact that he owned 800 shares of CME, 10 points out of the money.

Trader D, "I'm fucking down 10 points on 800 shares of CME."

Trader I, "Why the fuck did you buy 800 CME?"

Trader D, "I dunno! I was planning on "lightening" once I went 2 points in the money!"

And that's why I bought so much XOM. I was expecting a quick break of $66 and I would have sold some out immediately. However, that scenario didn't play out and I wasn't fast enough to act on a quick exit.

Trader D, on the other hand, probably made 20 or 30 points on CME, because he stuck to his guns. Looking back, with XOM now nearing $67, I wonder if I should have held on...

Incidentally, Trader D is currently the "Lucky Pierre" while I'm on a few slots away from being "Chambermaid."

It's a funny game we play.


Rob said...

so your the one who bought my short....

har har harrrrrrrrr

how do you feel about the close?

Dinosaur Trader said...

Hmmm... funny.


I feel we'll have a strong close. But I'd also be nervous about buying when the Dow is up 600.


Rob said...

its kinda and all...i have some condors that are set to expire on thurs and i was thinking to myself that it would be nice to have a few 10% up days to get those things back in the money (since they were worth less than their expiration value on friday?!)...and lowandbehold here we are +7% and not looking back...we'll see what happens in retard hour.

Jorge said...

That's what ya get for hoping. Next time, say anticipating :)