I have had it with this joke of 'stock'. One week it's down to 65 on some BS about chinese government regulation and then a week or two later it goes to 90+ from 78 yesterday on some more BS about some speech by some clown in china about regulation. I will never trade this piece of garbage again. It is impossible other than being a plunger and total gambler to handicap what the F is going on with this and to hold overnight. I guess it's better to just push buttons nowadays. Thinking is optional I actually had positions go my way; however yesterday it sold off hard late in the day and I had a short front call and some front week short puts (spread) -- could have closed the calls yesterday for a $200 loss. but with ONE day left figured -- "oh what the hell". Today -1000 So I guess I needed to consult my crystal ball to know that today it would trade up to 91 when all other chinese stocks are dormant.
Sucks, but you were selling vol in a CHINESE INTERNET stock..... I would never sell vol in a chinese stock and rarely in an internet stock; the intersection of those two is a recipe for disaster.
you're obviously smarter than me. But who the H would dream it would have this move. No indications. To add to it my dumb brain sold my long SSfutures at 84.30 (don't ask why because that would require me to actually have some sane reason) or plan to articulate! The original "plan"/idea was to take delivery of the SSF next week and hold since my bias was long. I also was short the Nov 100Put at $23 which I closed yesterday for a profit before the large sell-off.
You can trade single stock futures? I thought that product was dead. I've made decisions like this many times before. I was long bac and sold it. You can figure out which price if you look at the chart .
$65 to $90 in that short of a duration, WTF do you want? Trader dream. Psst, news explains price NOT price explaining news.
That's why I trade it... just caught me completely by surprise since all other Chinese stocks have not and did not move (much) this week; have to get a news feed. Didn't think I needed it when I came back to dabble in trading in July. I should have checked the news immediately when I saw the volume pick up; was monitoring too many positions. Also never should have sold the SSFs at a random price of 84. 40 day was 92-93; but they were up from 68 to 84 in a couple weeks. Dumbest thing I have done since 2006. Of course there will be future opportunities as this stock doesn't look to be slowing down. Although it can sell-off 5-7 points in an hour.
I've been looking at SINA for a long time and I found it's the least correlated stock to any index in terms of correlation per volume traded. It hardly has any investors, it's mostly traded by HFTs and that's why it's easy to push around. With a good scalping strategy, just ignore the news, all other indices and everything else, and just focus on the price action alone, great profits can be made. It's for day-traders, with a high price it get's low commissions, and that's who SINA is for. Definitely not for over-night hehe. I call it "the crazy horse stock".
thanks for taking the time to reply... that's good info and 'advice'. I don't need a stock like this when I see it up 14 and BIDU, SOHU, COYU etc are not even moving. After this last month (when it dropped from 116 high to 68 n a week or two) I should have actually realized what you are saying. Duh. When I was last in the market (2006) there was not HFT. I just last week was reading about it. I cannot predict what a programmed computer is going to do at any given moment on some 'pc whim' - lol - and then it happens too fast to react appropriately even for someone experienced like me. Further I don't like to make-knee jerk reactions since I am a swing trader and often hold overnight - thus I cannot just push buttons to buy and sell intra-day without some meaningful idea as to why. The day before this 14 point move it had sold off down to 78 from 84 in 10 minutes. Of course I had just exited short puts (spread) and the call side of that equation was benefited. I had October 14th calls and thus with those now being OTM at 78 - I held overnight rather than closing. Got greedy and wanted them to expire worthless. 50-75% wasn't enough Lesson learned, I hope. thanks again
Well at around 100, I like this as a short. All of these hi flyin tech stocks are just moving on the coat tails of the "GOO-PLE" mania.