Monday, April 21, 2008
I really wanted to buy WLT today. With the strong ACI earnings, I thought this could be a good sleeper play, as they have some coal operations (along with some metal production and, oddly enough, mortgage financing). But I couldn't find a good spot. In fact, the one time it would have been a good trade is just after 2:45, when it enjoyed a smooth run til the close.
But the thing is, I gave up on the stock at just after 2:30, when I lost 20 cents in it for like, the 3rd or 4th time. I highlight this stock first because this is how low volume days typically trade... with choppiness.
The good thing is that even my bad trades today were well thought out, and not disastrous.
I liked this trade in NEM today. I was looking for the stock to run to $45 support on the daily. He made a decent base around $45.50 and so I got short. The problem was that I got squeezed from my first entry for a loss and so was trigger shy for the second run.
Many of the stocks I was watching today just didn't have good enough volume for me to want to trade them aggressively or with any type of size. So basically, I made many 100 and 200 share trades. My best stock of the day was FCX. But even though I made a couple of 30 and 40 cent trades here, I only made $200 in the stock. No volume, no conviction, no size.
And then, at the very end of the day, a near miss in PX. Here, I was watching for the stock to break $93. And it did, but it pulled back and I lost a little. Since I kept getting caught in these little chop moves, I decided my day was over. At around 3:50 I looked up and saw the stock printing over $94... frustrating.
So I didn't make any money today. But I felt my ideas were good. It was a tough market to execute them though...
Hopefully tomorrow is more interesting.
NOTE: In case you missed it, check Dogwood's post here about my trades on Friday and how pivot points might have helped my exits. However, only read that post... because after that, he posted a Guns 'n' Roses video...
Here's the stats:
Best, FCX, $204
Worst, WLT, -$114
13,800 shares traded.
11 stocks traded. 4 winners, 7 losers.
Dehtrader, $682 on 3100 shares traded.
Me, $85 on 13,800 shares traded.
OBAT, $70 on 5800 shares traded.
Denarii, $39 on 1200 shares traded.
Ainkurn, $8 on 650 shares traded.
Retardo, no trades.
Yeah, that's right... the VO is full of big swingers. We're taking stock trading to a new level right now... a new level of boredom. But hey, kudos to Dehtrader for making lemonade out of lemons.
If you're wondering if it's typical to trade just over 1.1 billion shares during the heart of earnings season, no, it's not typical. In fact, in downright sucks cherries. Indeed, today was the lowest volume day of the year. Fuck.
The stock market is a big fat cherry sucker.
I don't know what else to say... shit is dead. The VIX is back to 20, there is no volume... see you in September, I guess. Oh but wait... September will suck too, because everyone will be waiting for the election.
Okay, see you at Christmas. Be good.
I have an unnatural obsession with the scene described below... I finally found a low quality version of it posted on Youtube, so I made it into a paraphrasology post that you all can enjoy!
Man driving car over a bridge while eating burrito. His dog, "Baxter" is in the passenger seat.
"This burrito is delicious but it is filling!"
He throws the burrito out the window, slamming a motorcycle guy who is driving alongside his car, in the face. The motorcycle guy wipes out.
"Anthony and Cleopatra!"
The motorcycle guy recovers from his fall and approaches the car. Below is the ensuing conversation.
Motorcycle Guy: "What the hell, bro?"
Ron Burgandy: "Hello neighbor..."
MG: "Did you just... throw a burrito out your window?"
RB: "I believe I did..."
MG: "What are you high or something??? Did you see what happened?"
RB: "I did see! That was a terrific little spill... that's quite a raspberry."
MG: "That's my chopper you just thrashed, broseph!"
RB: "Easy compadre... I'm your friend out here, all right?"
MG: "I want you to fix my chopper before I stomp your goofy ass!"
RB: "If you want to throw down fisticuffs, fine. I've got Jack Johnson and Tom O'Leary waiting for you... right here!"
MG: "You destroyed the only thing I love. All right? There it is... what do you love?"
RB: "Mmmm.... I love poetry, Dinosaur Trader's blog, a glass of scotch... And of course, my friend Baxter here.
MG: "Well guess what? Now this is happening!"
The motorcycle guy picks up "Baxter" the dog, and walks him over to the edge of the bridge.
RB: "Excuse me... excuse me... what are you doing?"
He punts the dog off the bridge, and into the water.
MG: "That's how I roll."
RB: "Baxter..... NOOOOOOOOO!!!!!!"
For poor quality reference material, click below.