Worked:
Nothing. Well the IWM calls worked great up until 2:45. However, I wasn’t home, so I wasn’t able to take advantage of the quick move. I thought we would get more than the upside we saw today. I held onto those IWM calls and actually tripled up my position.

Sucked:
Being long the indexes. RUT lost less than 1% while NDX lost about 1.6%.

Took my loss in JOYG calls of 30%. Also sold JOYG. I’m out of JOYG because of this dollar strengthening/commodities weakening short term trend that is in focus right now. JOYG will probably consolidate its new 52w highs before moving again. I could be wrong.

IWM -Went from being up about 40% to being down about 30%. I held onto to all my calls. Hoping this market gets a pop on “the fade the fed” trade as well as window dressing for the start of the month.

==

It really sucked today that the market didn’t follow my expectations, but not much I can do about that. Market trend is still pointing up so thats where I’m staying. Long and frustrated.

Just waiting for the markets to break resistance at the SPX 1400 level, RUT around 725, etc.

EWZ and the rest of the Brazil stocks went nuts today. S&P ratings upgraded Brazil to investment grade causing massive short covering and a breakout on high volume.

If you’re not familiar with Brazil stocks, check out my Brazil Stocks list for some ideas.

Some interesting stocks here:
WDC, and VMW

If you like this post, check these out too

• May 1, 2008 -- What Worked and Sucked Today 512008
• May 1, 2008 -- Midday Update
• April 10, 2008 -- Midday Update
• April 8, 2008 -- Midday Update

Thanks for reading

Want to know when I post again? Subscribe to the StockRake feed: .