Damnit, funny how you suddenly defend Neke. I am sure he does not need your defense. In any case, I am surprised how you shoot everything and everyone down at first, even without the slightest basis for your reasoning (well the reasoning is often missing altoghether, just look at your first couple posts in this thread). YOu sound like a flag in the wind, moving in whatever direction the wind is blowing. Hope your approach to trading is slightly better. (Dont need to mention your 500k/day, you already do this in every other thread you add your unsubstantiated opinion to. Seems you are happy with such mediocre performance, but I think i already mentioned to you that your result is on equal par with a 1st year sell-side associate doing nothing. But I am happy you are satisfied with your results, not everyone can push for more) ;-)
Not maintaining a journal here does not preclude me from commenting here. Neke has thick enough skin. If I feel the need for accountability I will consider a journal.. at this point I am in reasonable control..
Weekly Update for week 36 ended 11/03/2007 Nice week, up 29K. Overtraded a bit, but still managed to rake in a good dividend. The key positive trades were option trades in CROX after its disappointing earnings (when those momentum stocks fall, they really fall!). Made money also buying the strong earnings report from MA. On the negative side, was embarrassed by SCUR, which I shorted based on what looked like a horrible earnings release/forecast: proved wrong as the market thought otherwise. Code: Balance B/F: 143,128 Gain for the week 29,248 ------------------------------------------------ Balance C/F: 172,376 Number of Trades 36 Number of Profitable Trades 20 Since Inception of Thread 2/25/2007 - 11/03/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 156,740 Cash Withdrawal -61,000 ------------------------------------------------ Balance C/F: 172,376 (Adjusted balance before withdrawals is 233,376, up 205% ) Number of Trades 977 Number of Profitable Trades 550 Expected Balance at this time to be on track for Year-End Target : 355,533 Status: Behind Target (Based on adjusted balance before withdrawals) Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS/LOSS TYPE CQJWK 2007-11-01-09-33-56 2007-11-01-15-48-55 5000 21300 40000 18595 CROX NOV 55 PUT MALKQ 2007-10-31-11-24-52 2007-11-01-11-04-10 2000 13200 30400 17150 MA NOV 185 CALL ------------------------------------------- HUM 2007-10-29-13-16-14 2007-10-29-15-02-45 2500 188510 182594 -5959 LONG SCUR 2007-10-29-16-28-39 2007-10-30-09-44-59 15000 140984 131000 -10016 SHORT (Before Interest and Other charges) TRANSACTIONS ANALYSIS FROM 2007-02-25 TO 2007-11-03 Current Week | Since Inception of Thread | Method Gains/Loss No Of Profitable | Gains/Loss No Of Profitable Trades Trades | Trades Trades Automated AutoTrade1 105 1 1 | 5652 208 116 AutoTrade2 0 0 0 | 3372 12 8 AutoTrade3 0 0 0 | -4523 3 0 AutoTrade4 0 0 0 | -15301 3 0 ----------- -------- ------------ | ----------- ------ ------------ Total Automated 105 1 1 | -10800 226 124 ----------- -------- ------------ | ----------- ------ ------------ Discretionary Long -16453 9 3 | -59383 261 152 Short 5351 17 8 | 9747 266 152 Options(long) 40067 9 8 | 217868 224 122 ----------- -------- ------------ | ----------- ------ ------------ Total Discretionary 28966 35 19 | 168231 751 426 =========== ======== ============ | =========== ====== ============ Net Totals 29070 36 20 | 157431 977 550 =========== ======== ============ | =========== ====== ============
I assume you monitor appl,goog,rimm,bidu and others for misses and possible shorts?how key is execution on this
O yes, I follow them and the news around them all the time. Really amazing seeing how GOOG and BIDU seem to defy gravity. All analyst price targets are being hit, and they continue setting new ones. Would be interesting to see when they hit a brick wall. Not likely anytime soon though.
I "WAS" happy to get 37 points from BIDU 223 to 260<g>.. Do I let winners run?? Nooooo... That group IS Nasdaq.. when they roll over, so Goes Nasdaq and the overall market as Nasdaq is THE leg holding everyone up.. Shows how easily an entire market can be "supported"
Neke, You say you short (buy puts) on poor earnings reports. How do you do this, as arent the options prices reflecting a gap down on the open of the next day? Or do you not buy at the open? YIK
I short if I believe it is going down still (even after starting down). Of course I pick my trades. In addition, I do not necessary do it first thing at open. If it is already very depressed I could wait for a "dead cat bounce", or stay away altogether.
Do you ever use straddles to trade the news before an earnings annoucement? Or is this a flawed strategy as the premium paid would reflect volatility on the horizon?
No I do not normally buy straddles before earnings. My experience tells me the premiums are on the high side most of the times. If there is something that gives me a stronger than normal conviction about the direction after earnings, there I may buy a directional option.