Took 1500 in profits today then lost 1300 in trying to reenter at the bottem and revenge trading But I think this stock is a great buy - no new refineries in 20 years right?
This stock was crazy today oh my god. One of the clearest uptrents from something like 104-108, but i just couldnt get my finger to hit the buy key because of the extreme specialist lag, fear of finding the top, and high chance of being shaken out. Then 30 seconds later i wish i had bought and the cycle continued. But 'investing' in it here, with spiked oil and natural disaster fallout? I dont know, i know im not buying it.
Should have, would have. Do not discount the absurd spreads, price disimprovement and inability to get filled properly. Position trading was the way to go on this but how in the world does anyone figure that out early in the morning, especially when the specialist pulls out the bottom every chance he has. Trade this stock every day for a few weeks and you will understand that taking the position trade approach on this will leave with very dissapointing results. I do not know one scalper that can still make consistent money on VLO although I know there are some out there. I know a few that used to do fine with it but in the past year they kept getting raped so badly on it that they just gave up. Go figure, stock has been making some serious moves which look like a world of opportunity after the fact but it is an illusion. Made some dumb shorts at first with ridiculously bad fills (still trying to figure out how I got those prices). When I kept trying to go long, I got filled 1 out 5 times. Horrible risk/reward thanks to specialist screws, unless you are willing to pay up the a$$, take size, cross your fingers and close your eyes. As an investment, VLO is old news. Oil itself is a manipulated product lately, there is more to the equation than simple oil fundamentals, think of the fiat currency that oil is being priced in.
DID you guys see the Mrkt on close for VLO?? It gapped up 1 and half points in the last 3 minutes. I did 20k VLO market on close. COF was a good Market on CLose trade as well.
I only used one market order for a measly 100 shares and got a very special fill where I was instantly 20 cents out of the money. After that I tried to NX and cross limit the bottoms but never got filled. The one trade I did pull off, I hit the ECNs both times for a quick 50 cent trade. Should have held but did not want to risk getting the VLO wham bam thank you ma'am special.
Ever tried discretionary orders? If so, what's the likelyhood of getting a fill with an offset amount of let's say 5 cents on stocks like VLO?
I managed to get short TSO at 59.39, had it go against me to 60 and then covered on the way down. Made money, but I left over $2 on the table. Another one on the run today that recently came public is ALJ. They have refineries in west Texas (I think) and supply Fina stations with gas.
I was talking to my dad about his lexus hybrid. He said he is not that impressed with it. I said I told him he should have listened to a friend of mine. He said thats ok VLO paid for it. I said what do you mean. He said on the run between 40 and 80 he made over 40 points trading it, and in the last two days the made over 20,000 trading 2000 shares of it. My wife and I just looked at teach other. He is a pretty heavy trader. He made millions lost millions and has probably made about 400 thou in the last year trading again. This is all after putting himself in the hospital with a perforated stomach about 3 years ago during the sell off. It likes like I am the third best trader in the family right now and I used to trade for a living.