Thursday, May 1, 2008
There was a lot of "juice" in the market today. The problem was that I went to take a sip, slipped, and most of it ended up wasted on my shirt.
I missed a bunch of trades early, and managed to screw up a few others.
The most painful miss of the day for me was DVN, a stock I was watching to break $111. The stock had good volume, the sector was weak, and it had a decent setup. The problem was that I was a little early to the trade and got caught in the chop.
So starting with that loss put me into protection mode early, I was down $233.
Also on the loss side of the ledger were boneheaded trades in UBB, and GWW and pure fuckjobs in FDX and BVN.
But I had a few good trades too. The best in STP, as a short. FSLR was getting killed, and while STP didn't have the volume I was hoping for, I thought the base good enough to give it a shot.
Another good trade came in FCL. Coals were weak, and I was watching $57 as the number here. It made a nice base at the #, so I got short when he popped through.
Both STP and FCL were good trades because I held for decent moves.
My big miss on the day was BHI, which I short at $79.29... I took a half point, and left a few points on the table. Frustrating.
Anyway, here's the stats:
Best, STP, $306
Worst, DVN, -$233
12,800 shares traded.
13 stocks traded. 5 winners, 8 losers.
OBAT, $1528 on 6200 shares traded.
Me, $161 on 12,800 shares traded.
Denarii, $80 on 3600 shares traded.
Retardo, no trades.
Ainkurn, -$370 on 700 shares traded.
Sanglucci, -$688 on 30,100 shares traded.
OBAT kicked ass today. Thank goodness too, because I was sick of having to sing Sanglucci's praises here everyday.
Meanwhile, special message from FSLR to Ainkurn... "No... you're MY bitch!"
Anyway, with the FED bullshit out of the way, the market finally got a little volume today. The "sell commodities and ag stocks, buy financials" trade seems to be well under way. And importantly for the bulls, we're over 13,000 again on the Dow.
What a turn of events.
I'll have a daily post up later this evening.
Meanwhile, the VO is hiring. Send me an email with your blog address if you're interested in joining. Oh, and I heard from Evolution. He's alive, just laying low and making cash.