Finally, a decent up day. Lost some money on FNM and FRE today. FNM was going up on positive news so I longed FRE but I got wiggled out. I then traded FNM again short, and couple of other times in different directions but overall I lost money on it. I'm starting to think that on some of these news related plays but not moving too rapidly or erratically I should start out with just 100 or 200 shares and then add to my position as it goes up or down. That's what I did today with BID towards the close and it worked out... kind of. We'll give it a shot, see how that trading style works out.
EWW... that was a bad hold today. I got short at almost the top at the time, very limited risk but it didn't move in my favor as fast as I wanted it to so I got out w/ small profit. HUM was a good trade today. I feel there was momentum and futures was going up so I longed it and got out right before whole number b/c I didn't think it was going to break. I risked 10 cents to make almost 20 so I'm happy with it.
SKT-C, I got printed down low and since it was a low volume stock I didn't want to risk having it go against me quickly so I took the low, sure profits but I could've gotten what looks like extra 60 cents out of them, or $300... SPN was another decent trade. The low on last Friday was around 42, so I shorted it when it broke while the conference call was going on. I'm happy that I stick to my rules and got out on a 20 cent pull back but I'm not happy that I could've gotten another point out of it (but that's looking at the chart after the fact, so...)
DBA, I didn't trade this today but some people lost big on this. It had to do with prices of wheat I think and it shot up really quickly. I actually tried to get short way above b/c it looked like 43.50's printed twice but I didn't get hit, but that would've been a good short.
I've been trying to find new plays and tickers. I tried to find resistance and support in the S&P futures and trade SPY off of that and it could've work out pretty well. There was a point where I identified a floor that flipped to become resistance and it could've worked on two occasions but the only time I traded I only made 2 cents on it b/c I didn't have the patience to hold it. I should give it another shot in the future. I've been thinking about trading GLD off of SLV but haven't found any good entries. USO and OIL both correlate to the oil price pretty well. Lawrence says OIL correlates better I think.
Oh, and I've got Trade the News program set up now. I didn't trade off of it today but I traded STP off of the options news yesterday. It's better than briefing.com I think in that I don't have to leave it open and take up space on my desktop. If there's news it'll just pop up real quick in the corner. Let's hope this is the beginning of a good winning streak!
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