Grinding it out, day after day

You suggesting that it was Lescor's chubby fingers getting stuck on the P and G keys?

 

Reversion to mean doesn't get any meaner than today, eh?

 

You would think so, unless it was puke on keyboard day before the reversion took place.

 

Quick update. Yes, insane day, as you would imagine. Actually it started out kind of lame, nothing really working, down 3k, including 2k on an error trade. Took a break and was going to write the day off and quite early. Came back just to check a couple open positions before I took off just as things were starting to roll over. Before I knew it I was in a few new trades and then the ball started rolling.

The market was looking like it might start to fall hard, so I was pretty cautious not to start buying stuff up too early or too big. I went pretty wide on my envelopes. Then the wheels totally fell off the market. My scanners were going bonkers and scrolling symbols faster than I could read them. I just started throwing random bids in all kinds of stuff, mostly income trusts and some dow stocks. I might have seen my pl hit -30ish briefly, but you could tell this was a puke out and I still wasn't at the fill-my-pants point. I was trying to buy hand over fist where things looked completely out of whack, and all manually.

End of day I think I'm up $100,000. That is removing a long in IWP that I'm pretty sure will bust. I'm also long 1000 IWF at about $30, but based on the ruling by Nasdaq, I think that one will stand. If I coulda thought a little clearer at the time, coulda been so much more, but no one expects or prepared for today, though there are traders who made fortunes in that 15 minute period at 2:40 pm. Also some that were carried out in body bags.

Holding a lot overnight, but most of it should have a good cushion if we gap and poop at the open.

 

the ability to take heat on days like this I guess separates
the traders that can turn crazy days into insane profit and
those that panic and get out break even or worse.

 

nice trading, les!

 

a couple of weeks passed and you are making money from somebody's else fat finger - the market is fair and balanced after all.

 

wow

 

Yep, nice trading. I thought for sure you were sucking on the business end of a revolver.

 

Well this blows. Nasdaq has decided the bust point on IWP is 18.66. I'm long 1000 shares at 15.01. Closed at 47.

I figured I'd lose it anyway, but damn, it sucks when it is that close.