I didn't blow-up but the volatility today did hand me an ass whiping. Gotta take some time and look at some more charts this weekend ...
sob story. bot JPM sep 40 calls for .59 on Wed. on Thursday just to the second before Paulson's announcement, I clicked the sell button at 1.26 the calls opened a 9.00 Friday morning drinking heavily tonite..you bet
a good indicator of blowups is to see how many seats and leasing priviledges are available at the exchanges at a cheap price. That's always a good indicator, in fact, one of the best, Jeff
Have just been trading stock...gold, oil, toronto index. Did extremely well this week with all the volatility. Have one option trade on the VIX but its more for just experimenting with. Interestingly, this is a seasonal date according to Gann, and yes, the market has definitely turned! I guess for anyone who had short positions, it was rough.
AGH...I meant to buy 7 Oct 12.50 calls on Wachovia for .30 on Wednesday while the stock was trading in the low 10s. OOPS! Bought September calls by accident. I had to go work my day job Thursday with no computer access and was faced with leaving the position open or putting a limit order in to preserve my measly 210 bucks. If the market waited until Monday to rally I was S.O.L. So I put in an order to sell at .35 just in case I may be so "fortunate" as to break even. I come home to find out that I really fucked up. Calls closed at 1.65. But it gets better (worse). This morning WB opened near 25 and those calls were worth 10. to 11. in the first few minutes and showed a bid of 6.50 to 7.50 the rest of the day. So I could have turned 210 bucks into 5K to 7K no prob...if I didn't panic and act like a wuss worried about 200 bucks. I had no blowout but a huge missout, even though in theory I did "protect my capital" which is very little anyway. Oh well I think that I am well positioned to profit this coming week though. Bought some GS OCT 165 calls, WB OCT 22.5 calls, and ESLR OCT 10 calls. I don't give a shit about all the noise and contraversy about the bailouts, so we will go lower...later. Right now in this trader's market, the bottom is in. The long-tailed hammers are showing on my charts and bullish divergences. I think this rally will surpass our last one and hopefully will be a much cleaner short opportunity when we get to resistance. This market is going to continue to be DRAMA! lol
<i>"I went back to bed when I saw ES lock limit up this morning"</i> Whereupon you missed incredibly easy money trading the short side into that massive, gaping gap. As for the TF versus ER2, there is little comparison. TF blows away recent ER2 price action by five miles. Strip away the CME intra-exchange arbing between other indexes that slapped ER2 around and give it purer price movement like TF currently has. Trading becomes outright stealing. Some days the markets suck. More often we are out of synch with the markets. A trading career is never made in one day, but many careers are ended in one single day. 6.75 hours between the bells is a long time for a lot of things to happen. Cut the bad decisions short, let the good decisions run and repeat that process every day. Soon each week becomes the same, regardless of all else.