Worked:

Being short. “I swapped lightly to the short side today looking for more selling into Monday morning where I’ll look to either flip or cut.” Well I didn’t cut or flip Monday morning, but that was the trade. Instead I held onto my short and closed it at the eod for a 3% gain in the NDX and nearly 4% in the RUT. I still feel like I lost though by not getting out in the morning even though holding till the close was a bigger gain. Todays action was absolutely nuts. Alot of volatility. The markets were all over the place throughout the day. I didn’t think we had enough damage to the downside, yet you can’t ignore the reaction to the news which would be called mild. Dow closed up 21pts.

Tomorrow we have GS and LEH before the bell and then the FED is pulling out all the stops around 2:15pm. It looks like its going to be positive based on the way the markets reacted today, LEH and GS both had record volume today, and both recovered significantly off the lows. Volume today for LEH was 224million and GS did 38million. GS also had some swamping call buying over open interest today.

Sucked:

SIM - Sold 10.81 took a loss of 1.3%.

SJT - Took a hit today on Nat gas dropping large today along with oil. I’m not running out to buy some here, but I’m not selling this either.

CPST - Took a 7% hit today. In this tape its expected. At some point today though it was being bought up and went from opening down 10% to being even at one point.

I cashed out of my shorts at the close and will look to buy long tomorrow depending on the reaction to LEH/GS earnings.

Thanks for reading

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