LOL, I actually overslept this morning. It was about 9:15 and I heard my dad's voice so I basically ran out of the door with a trail of residual mouth wash after me. I did manage to get hit on a scalping trade for $12 before everybody collectively held their breath for the Fed decision.
Now, this is my thinking: a 25 point cut is already priced in the market. The only way to get a major reaction is if 1) there are no cuts and 2) a bigger cut than 25 points.
Literally, as the voice over the speak goes: "50! 50! 50!" I longed XLF the financial sector ETF. I watched it shoot up 20 cents and got in as soon as I can. Might not have been a great idea, in retrospect, but it worked out. Chalk it up to one of those instincts trade. As soon as I see it starts to pull back I got out. Honestly, I knew I didn't really want to trade a stock that'll move beyond my ability to do damage control if it goes against me like GS, BSC or LEH so that's why I picked XLF b/c ETF's move more steadily. It might not move as much but it's more of a sure bet. Risk/reward I guess... you hear that two words right next to each other a lot when you're in this business. Technically I probably should've just adjusted my stops up and keep holding it. The ECN and all my tickers were going so nuts I couldn't even read it at all. It was just a blur.
I got in some other scalping trades. Mostly though I didn't get hit at all, which pissed me off. I looked back at the end of the day and it must have been at least 30 different times I didn't get printed. I wasn't slow at all is what pissed me off. I just have a lot of my bids or offers far away from the print b/c I felt that with such high volume it's probably gonna print away from it. I did get in a stock that was about $100 and the spread was well over 20 cents so that caught me by surprise that I was down $20 the second I got hit. Fortunately someone took my offer through ARCA and I got a $25 profit from it.
There was one trade though, I guess it wasn't the best set up. I saw that it printed up so I shorted it but really it printed down and already ticked up so I got burned for $17 there I think. As we approached the close I remember I was $2 away from making my personal best and I finally got in a scalp for a $5 and I took it with like maybe 3 minutes until the market close, hehe. Really though, I knew I shouldn't have taken it and could probably make $5 more on it but oh well.
Tomorrow I'm going in to trade during the open and then I'm going back to campus for the Career Expo but as a recruiter this time! I already set up some time to meet with old friends and then going to the volleyball game at 6:30. Coffee at the Alumni Center with Dani @ 12:30, grab a drink or bite with Kristen after the expo, dinner with Vicki and then go to the game with her and Steven as well. After the game I need to swing by AJ's place to pick up my Hofbrauhaus mug <3 and then head over to Holly's new place and hang out for a bit.
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