Tuesday, February 26, 2008
I didn't have a bad morning, but oddly enough, the first hour was completely dead. Most of the traders in my real office were smoked and everyone was complaining about lack of follow-through.
I felt the lameness of the market pretty early and I was only trading with small size. Still, even despite my caution, I couldn't get traction because I was taking on more losers (albeit small ones) than winners.
The market finally broke out of its morning range at around 10:45, but even then, violently chopped around for 30 minutes in a 5 point range on the futures. One five minute bar was up 5 points, then the next 5 minute bar was down 5 points. It was a slushy mess.
I was down between $200 and $300.
The market finally got through the wild chop and had a very tradeable rally between 11:30 and 12:20. The problem for me was that I was already tentative as a result of the morning chop, plus we were moving into a normally dead part of the day, so I entered only light positions. But I had some good ones, most notably, GES.
Note, the graph is far too marked up to make any sense of anything.
I also caught breakout longs in TEX and VLO but again, both with small size.
I took it really easy today. Not too much to report. Unless something changes by 4pm, this will be my day. I'm happy with it because I came back from a bad morning. Normally, I make money in the first hour and give it all away. Today I lost money early and was able to get my shit together and eke out a small gain.
UPDATE: I got chopped in the afternoon and gave back $200...
Here's the stats:
Best, TEX, $167
Worst, UA, -$92
NOTE: Please stop by for the debate open thread tonight. I expect Hillary to pull out all the stops. Could be interesting.
Evolution, $1176 on 55,600 shares traded.
Ducati, $894 on 800 shares traded.
Timmay, $243 on 1600 shares traded.
Dehtrader, $189 on 5500 shares traded.
Denarii, $114 on 4200 shares traded.
Me, $112 on 14,600 shares traded.
Ainkurn, $29 on 1050 shares traded.
OBAT, $11 on 11,800 shares traded.
Retardo, no trades.
Wincity, -$100 on 100 shares traded.
Sanglucci, -$721 on 23,000 shares traded.
The real office got smoked today. The morning was a chopfest, the afternoon was a chopfest... there were only a few good times to trade today. If you had the discipline to identify those times, and not trade during the chop, you could have made money.
The VIX is dropping out of the sky... it's now down below 22.
Meanwhile, volume was strong in the early going and tailed off in the second half of the day.
Gasparino tried his best to spike the market in the afternoon, but all he did was throw an "ass rape" candle on the futures at around 3:25. It seems that's when he talks every day... I now will watch that time like I watch other economic news, because you never know what the fuck he's going to say.
If you've been following along, you know that the Drudge Report published a photograph of Obama dressed in traditional Kenyan garb. The photograph was provided by the Clinton campaign. Actually, let me rephrase that... the Clinton campaign cannot confirm or deny that they supplied the photograph.
Along those lines, I've found this photograph that may be Hillary Clinton in a bhurka. Note, even though she is waving an American flag, she is not wearing an American flag lapel pin and therefore, she's not a true patriot.
Furthermore, her car doesn't have that little yellow magnetic ribbon that says "Support Our Troops."
Draw your own conclusions...
NOTE: I'll have an open thread up for the debate tonight. Please stop by if you're watching.
Only caught the tail end...
Art: ...the big story of '08 could be the price and scarcity of food.
JC: The market keeps going up... anything positive to that?
Art: We've had very thin markets and then yesterday S&P affirms AAA ratings on ABK which may be the most remarkable thing since Lazarus. I mean, ABK was just short of selling body parts to make ends meet and S&P affirms... I think we're at the upper end of the range here, but I think that range will hold.
First of all, the IBD has changed its outlook to "Market in confirmed rally."
- Woodshedder discussing triangles again... could it be because of IBCs new sponsor?
- First it was Timmay and now it's Richard at MtM. Retardo lashes out again!
- Evolution returns!
- Foreclosures up 90% in January. However, check the link below...
- You can't foreclose if you don't own the mortgage. Oops!
- Visa and Mastercard don't make credit card loans, they process transactions for banks that do. No wonder MA has held up so well... the Visa offering is set for late March.
- Obama keeps getting stronger, despite the "batshit crazy" attacks.