Covered 3,000 TLAB @ 8.73 + .95 points I've covered 2 shorts today due to profit taking only, not because I think the market is going to rally anytime soon. I wanted to clean up some positions and focus on new positions.
That MER short ran away from me quick. I was looking for a bounce to take my short but it never happened. Anyone else short MER?
Bought 5,000 PALM @ 3.26 Total Position: Long 10,000 @ 3.63 This is a longer term play and will hold for a couple months if I need to. I still like this company and think it will hit mid 4's in a month or so.
Stocks Rangebound Stocks shook off accounting concerns surrounding Dynegy Inc. (DYN) and Network Associates (NET), as well as Tyco's (TYC) retraction of its breakup plan, to finish mixed after whipsawing traders for most of the day. Treasuries failed to gain support from a worse-than-expected decline in existing home sales, while initial jobless claims basically matched expectations. The Dow Jones Industrial Average climbed 5 points to 10,035, the S&P 500 index shed 2 points (0.2%) to 1091, and the Nasdaq composite rose slightly to 1714. Energy-related and networking stocks led the advancers while biotech and brokerage shares paced the decliners. Volume on the Big Board was 1.5 billion shares as 2.0 billion shares changed hands on the Nasdaq. TODAYS EXECUTIONS: 13:27:33 PALM BOT 5000 3.26 10:28:25 .SJXQL SLD 1 38.50 10:18:39 TLAB BOT 3000 8.73 10:13:27 MRK BOT 2000 55.38 09:47:53 CKP SLD 2000 16.32 OPEN POSITIONS: LONG .SJXQL 8 17.00 +18.40 LONG DIS 2000 24.86 -0.01 LONG PALM 10000 3.63 -0.34 CLOSED P&L: $490.00 OPEN P&L: $11,650 TOTAL CLOSED P&L: $50,266 I'm in a golf tourney all day tomorrow so everyone have a good weekend and I will see ya next week!
This won't be a "job".... just an investment as a silent partner. I still plan on trading but might tone my exposure down a bit unless I'm successful trading futures, then I might trade more than I do now.
Why would you get into trading futures? Are you going to the trading floor to get an "edge"? The stats are pretty bad on futures trading off-floor (and not great "on floor" either). (I know that some readers think I'm just trying to promote equities trading, but we offer futures trading, and it has just be dismal...even with "ex floor" traders). You seem to be doing pretty well (according to your posts), and I just don't see you switching to a less likely trading strategy. Again, just curious. Don
I have been paper trading futures using certain technical indicators for 5 weeks and have done very well. When I decide to go live I'm not going to jump in with a ton of contracts. I plan on trading 5 or so for a while and look at my % return and go from there.