One Week Too Early, The Weakness Is Here

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August 18, 2008

I was early with the short call last week, because today folks – its here. This is what I was trying to short for. However, now the market has puled back enough that I’m buying. I’ve bought the indexes this morning. You know ABC, from Glengary Glen Ross? Always Be Closing? I’m AFE. Always Fu$kn Early.

I also bought LOCM as one of those firework plays.
CPSL is moving my way today.

CALM is breaking higher. This one is going to be a big winner a fewmonths from now. Up 8%+ now. People like eggs.

FRPT – I sold @ a 7% loss today. The trade didn’t work I’m out.

I’m looking to buy anything and everything when the market is red.


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  • Guest

    Man, I hear you. This market is not for the faint of heart. I have a feeling people are getting whipsawed, and that accounts are going bust right not as traders try to figure out where this market is headed.

    After about 5 trades, and 2 weeks later, my account is right where I started, having made some money and lost some money. Today, I was short, and made some money, but got out to early. Literally if I had waited an hour more, my profit would have much better. We’re talking hours here (when trading options), and it’s teaching me a lot about myself and holding true to my positions and targets.

    What is your strategy for postion sizing? Do you continue to buy into your winners, and do you scalp profits? Do you use stop orders? Thanks.

  • Cole

    Man, I hear you. This market is not for the faint of heart. I have a feeling people are getting whipsawed, and that accounts are going bust right not as traders try to figure out where this market is headed.

    After about 5 trades, and 2 weeks later, my account is right where I started, having made some money and lost some money. Today, I was short, and made some money, but got out to early. Literally if I had waited an hour more, my profit would have much better. We’re talking hours here (when trading options), and it’s teaching me a lot about myself and holding true to my positions and targets.

    What is your strategy for postion sizing? Do you continue to buy into your winners, and do you scalp profits? Do you use stop orders? Thanks.

  • http://www.stockrake.com Sensei

    Same mantra…I’m buying the weakness until further notice.

    This is what I was expecting last week. Its all I can say.

  • http://www.stockrake.com Sensei

    Same mantra…I’m buying the weakness until further notice.

    This is what I was expecting last week. Its all I can say.

  • NDX option scalper

    Market is setting up as a perfect bear and bull trap at the same time. Bears shorted the hole yesterday and again today on the technically significant break of SnP 1280(trendline for this retrace, as well as overhead trendline from this year’s original breakdown last October). The problem is that its just noise and all these people have beeb fooled. The bulls on the other hand are chomping at the bit for this retrace to continue and are calling for SnP 1320 before we roll over for the 3rd leg of 3 in this major trend move down taking place this year. Those bulls will buy the “breakout” of 1307 and be impaled when it reverses right from under them. So, thus, a dual trap. Trend is down, not shortable yet on a holding basis, only a scalping basis. I trade NDX options professionally and this vehicle when understood, respected, and properly traded(in regards to proper risk/reward management) can satisfy every and all needs for traders. Patience, agility, and being able to buy or write contracts when it feels the worst can become your key to successful income trading for life. Respect of the NDX volatility is pinnacle. Good luck!

  • NDX option scalper

    Market is setting up as a perfect bear and bull trap at the same time. Bears shorted the hole yesterday and again today on the technically significant break of SnP 1280(trendline for this retrace, as well as overhead trendline from this year’s original breakdown last October). The problem is that its just noise and all these people have beeb fooled. The bulls on the other hand are chomping at the bit for this retrace to continue and are calling for SnP 1320 before we roll over for the 3rd leg of 3 in this major trend move down taking place this year. Those bulls will buy the “breakout” of 1307 and be impaled when it reverses right from under them. So, thus, a dual trap. Trend is down, not shortable yet on a holding basis, only a scalping basis. I trade NDX options professionally and this vehicle when understood, respected, and properly traded(in regards to proper risk/reward management) can satisfy every and all needs for traders. Patience, agility, and being able to buy or write contracts when it feels the worst can become your key to successful income trading for life. Respect of the NDX volatility is pinnacle. Good luck!

  • http://www.stockrake.com Sensei

    I “think” Bears are being trapped this week. Daily charts look bearish and bears will grab anything that fits their bias. The intermediate trend though is up.

  • http://www.stockrake.com Sensei

    I “think” Bears are being trapped this week. Daily charts look bearish and bears will grab anything that fits their bias. The intermediate trend though is up.