I'm in there surf -- btw your box is full... EDIT; well I got your message surf, but I guess it was too late, if you still want to talk then get up with me on yahoo IM later on... PEACE my friend...
Kathy this is not an pleasant situation for surf. No offense but I don't think a big smiley face is appropriate or even kind under these circumstances. All IMHO of course. FPC
Ok, I took off the smiley face for you FPC. However, I think he is right about being long. I trade ES, and 800 is a significant number for a very sharp rally. If I was not such a chicken, I would be long overnight!!!!!
we're in... In the AH yesterday this comes across... Briefing.Com.. on ELX: "Reuters reports that co's CEO believes that Emulex is "well on track to meet the guidance from the Street." CEO Folino also stated that sales in Jan and Feb were running ahead of where the co was at the end of the first two months of the prior quarter. The comments were made at the Deutsche Bank Securities technology investment conference." Now assuming this was accurate... and we can believe the CEO... one might think it would have some positive effect regardless of whether overall "fundamentals" suck. But with no one willing to buy large size and guys defining risk via options... how the heck is this going to go higher. Guess when it looks like more bang on upside than downside... and there is a reason to trade long.. it will turn. Don't know now what the catalyst is going to be with War stuff changing every day. I am long ELX w/calls written
the problem isn't that marketsurfer decided to try something outside of his normal trading style but its sounds like he did it with big size and added to a losing trade. since this was outside of his normal trading style he should have tried it with small size so that if he was wrong the damage would have been minimal. the kicker is, had he just followed his ususal system he would have been short and caught this nice downdraft.
as much as anyone... Had double credit spreads on SPX (March). Been closing and rolling down calls. Stopped at 835s yesterday. Still open credit spreads on SPX puts. IF we can get this turkey to 825.... would be happy as a pig in ***. 850 better yet! But I don't see it yet. Looking for a strong reversal day. Salvation might be full moon, nice weather this weekend... and triple witching. For those so positioned, let's hope this spells some upside. I'm getting color-blind and beginning to see gray, not red! p.s. Have April defined risk looking for more downside at a point beginning in early April... late March... IF we rally here and don't put in a strong bottom now. Iceman
Surf, Pay no attention to the look-what-you've-done-told-you-so crowd, who obviously have the graciousness of a foaming pit bull in their posts. Of course, you only know what is best for your position and as a community member I encourage you to keep your spirit up and not to let your guard down. You've probably already decided on what the appropriate course of action is for your position, given your tolerance for risk and drawdwon. I was surprised to see the market plunge on Monday morning as I was getting ready to get long, my buy stop never triggered and the market didn't look back. This is a vicious market for intermediate term traders. Good Luck, Maverick
surfer, i have followed you a long long time, from the pre radio show clearstation days, to the rise and fall on clearstation, to the radio show with jon hoenig and kate, to the hedgefund, to elitetrader--- one thing is for sure, you have been uncannily accurate in you index calls over the last 4 years. i am surprised that you have taken this much risk, something must be happening. your heroes niederhoffer, tudor jones, marc ritchie have all done similar trades--- some have had monster wins, others wiped out. you only hear about the spectacular wipeouts. i wish you the best, marketsurfer--- may the force be with YOU. jACk