Short CL @ $95.61

Are you quoting yourself? What does the shrink have to say about that?

 

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."


"One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.

 

OK, my mistake. I thought you were shorting today, but now I see by the date on your original that you shorted several days ago. The only price today that lined up with your price was February.

Keep us posted when you roll your contract next week.

OldTrader

 

"I am the Night Rider!"

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so u gonna short dec then, and you figuring its gonna crash for you before 11/16?

isnt that cutting it a little close

 

"so u gonna short dec then, and you figuring its gonna crash for you before 11/16?"

I think it expires the 21st doesn't it?

 

"CL = NYMEX Crude Oil (GLOBEX)
Target = $15,000+ per contract"

So let's see at $10 a tick, you think it's going to go to $80.61 within a 2 1/2 week period? Or is my math incorrect?

Also, how many contracts? Considering you had to take the front month due to 'size'. I imagine that you would have at least a minimum of 100.

With that said, it went more than $3 against you, or roughly $300,000. I don't know of many successful traders that will put more than 4% on any single given trade. That would run you in the ball park of equity in the $7.5 million range.

Or again, is my math incorrect?

 

Yes your math is incorrect!

 

"Yes your math is incorrect!"

Wonderful explanation. Care to indulge?

 

bought USO 75 put today and sold for some profit....

inventory was in line so i guess there might be more sell off coming in the next week...