It's on CNN. Discuss...
UPDATE: It's over. I thought he demolished her... or really, she didn't demolish him. CNN is saying that last statement by her was effective... I dunno, I thought it was crazy sounding...
Thursday, February 21, 2008
I have to make this quick. First of all, my inflated shares traded today was a result of me bumping up my share positions in a number of trades. It's not like a placed more trades, I just placed bigger trades.
I started the day off well with a stock off my watchlist. I wanted to see CMI clear 2-day resistance at $53.13. It opened at $53.15 and I picked it up after it ran and consolidated a little, near $53.50. I caught almost the whole move with 500 shares, selling most over $54.50.
I gave a little back later in the day, when the chart formed an unfortunate (and unfortunately common) candlestick pattern the Japanese call the "ass rape." As you know, I'm reading a book on candlestick charting right now. The problem with this formation is that you don't know it's an actual "ass-rape" until after the fact.
My big loser today was GG. The reason why it was such a big loser for me was because it held such promise as a trade, and I sized in, with 1500 shares. Here, I'll let the chart explain...
It sucked, but I'd do it again. Why? Well, first of all, $40 was a breakout point on the daily graph. Also, GG reported earnings last night and was showing relative strength versus the other gold stocks and the market. The reason why I lost more than I'm accustomed to in the trade is because I had more shares than I'm accustomed to. I sold 500 at $39.86, 500 at $39.80 and 500 at $39.70. So on average, I lost a little under 20 cents on my shares. Not a disaster. Still, I lost $350 all told in the stock.
I also managed to have a few other losers over $200. MON, KMT and the piece of shit known as SWC. In fact, we see the "ass rape" pattern again (this time in reverse) in SWC in the late afternoon.
I was short 2000 shares of SWC going into that "ass-raping." While I had the strength to hold onto half, I let go of 1000 near the high of the move, at $18.40, because I suck like that.
Anyway, gotta go. Will be back later to discuss the Obama/Hillary debate with an "open thread" if all works out.
Here's the stats:
Best, CMI, $390
Worst, GG, -$351
45,800 shares traded.
18 stocks traded. 9 winners, 9 losers.
OBAT, $151 on 13,200 shares traded.
Denarii, $63 on 1200 shares traded.
Wincity, $18 on 400 shares traded.
Retardo, no trades.
Me, -$546 on 45,800 shares traded.
Dehtrader, -$1100 on 5900 shares traded.
Equine, -$1500 on 3100 shares traded.
The VO is in a tailspin.
There were only 2 people down in my real life office today, me and one other guy. So, in short, the VO sucked today. Except OBAT. He's probably already at the dentist, getting a new gold tooth or something.
We traded less than 1.5 billion again today and the VIX rose .84 to 25.24.
Anyway, again, I'm a little confused by the current action in the market. I'm bearish, but this volume on the downside is pretty lame. Perhaps "the Fly" is right and bears are a bunch of tired, cranky, old men. They sure seem that way right now. I mean, all the headlines are bad and the market isn't even close to the January lows.
Well, at least I have Ragin's gay stock contest to look forward to. My pick (short SWC) is rising just in time to drop for next week.
Oh, and let's hear it for BDC and his amazing fucking call on SMTX. And with Castro out of power in Cuba, perhaps his SHERF will begin to move as well. He's famous, as stock message boards all over the Internets are heaping praises upon him and his analysis.
That's what you get here at Dinosaur Trader's blog. Quality.
NOTE: We will have a new VOer starting tomorrow.
UPDATE: Make that TWO new VOers tomorrow...
- Auction Rate Securities; First a disaster, now a debacle
- More bailouts
- Sucks to be a central banker now... slowing growth, rising inflation...
- Want to short some Commercial Real Estate names?
- Beanie explains how "overnight daytrade" is kind of a misnomer
For a poll that was only open 6 hours or so, late at night, the vote total was impressive.
48 of you voted and 27, or 56% voted to keep the old look.
Therefore, I will respect it. The main issue with the blog is fixed... it wasn't loading correctly.
I have saved the blog. Indeed, it was quite an ordeal. Here is exclusive footage of me saving the blog last night (and no, smartass, I'm not the woman).
Meanwhile, I will continue to tweak the way this blog looks... because I'm kind of sick of it. And look at all that wasted space on the left!