Great song to listen to in the spring... read the lyrics while you watch the video.
Friday, May 16, 2008
First of all, I was getting all excited about the coming Russell Rebalancing, but after watching the way MOCs have been acting lately (horrible) my enthusiasm is beginning to wane.
I had a couple of good trades today. Best news is that I didn't make one bad trade. I made a couple of bad trades by omission... or by covering too early, but I didn't have one bad entry today.
After the carnage I suffered last week, I was very happy with my performance this week. I had 3 up days, 1 flat day (-$11) and one down day. Closing with strength today gives me some confidence going into next week.
Anyway, my best stock of the day was BHI. This has been on the HCPG watchlist for awhile. With the early strength in oil, it was one of a few stocks I was planning on watching intently at the open.
Afterwards, I broke even on an SLB trade. Then, I noticed the run in ag stocks. CF was up near $142 but couldn't break above, so I short 100 shares at $141.73. This turned out to be my "worst" trade of the day, not because I lost money on it, but because I didn't respect my buy stop, at $142.01. Instead, I got nervous and took 15 cents, covering my position at $141.57. Look what happened after I covered...
Then, towards the end of the day, I made one final trade. It worked very well.
So, we'll see what next week brings. Hopefully, I can get positive on the month again. Whatever, for the weekend, I'll feel good.
Here's the stats:
Best, BHI, $267
Worst, SGR, -$22
7200 shares traded.
9 stocks traded, 6 winners, 3 losers.
Me. $428 on 7200 shares traded.
Timmay!, $346 on 5600 shares traded.
OBAT, $231 on 8400 shares traded.
Denarii, $77 on 3200 shares traded.
Ainkurn, -$152 on 200 shares traded.
Tokyo, -$218 on 190 shares traded.
Retardo, -$6242 on 40 contracts traded.
Holy fucking shit! I made over $400! Last time I made over $400 was way back on April 24th.
It's been a grind...
But the VO isn't just about me... there are other third-tier bloggers we need to discuss. Take Retardo for example. Dude sits on a position for weeks and then gets blown out of the water. Best thing he can do now is get famous like HPT and make a viral blowup video or something... at least that might get him laid. Go click some ads. Together, we can bring that loss down to $6240.
Speaking of viruses, check out this cartoon... I loved it.
Anyway, nice reversal for the bulls today. But guess what... we're still stuck at unlucky 13,000 on the Dow.
In fact, I'm going to make my year-end prediction for the Dow right now... 13,000.
All weekend, I'll be stuck in churches and luncheon places celebrating communions. It's gonna suck. However, I'm in such a good mood today that it isn't bothering me much yet. Tomorrow, when I re-enter my customary bad mood, I look forward to passing loads of gas-guzzling SUVs and laughing scornfully at the drivers.
Enjoy your weekend.
NOTE: Check out this classic post from "the Fly." Kind of describes how I've been feeling about the market for the last few months.
I just came back from one of my best surf sessions ever.
I wish I had more time to get into it, but I want to be able to describe the feeling you get when you're on a wave and everything lines up perfectly.
The only thing I can say is that you just feel like you have more time. Not more time as in, you thought it was 9:30, but it's really only 9:27. More time as in seconds take longer to tick... they stretch out. You're just stuck, nailed to the moment and the moment sometimes feels like forever.
I've felt high since leaving the beach. I'm hoping it translates into a good trading session as well. I'll get more into the "stoked" thing later... I need to get to work. But I wanted to share something. Here's a great song to be "stoked" to.
Good luck today.