29 August 2007

I'm Out Baby!!

Still Short

Well, I'm still short the NQ's as the market swoosh came right (not!) on schedule turning my disastrous position profitable at least for today. Futures popping higher this morning and I'm considering pulling the trigger and covering should the market regain it's footing going into the weekend. For now we'll wait and watch...jfg.

28 August 2007

Now What??

Merril To The Rescue

So Merrill comes out with downgrades all over the financials and my bastard Naz futures short is almost back to even...just a few points to the red as I type. What to do? Hold On! Oh the pain this last week. I'm smelling a little fear as the Labor Day weekend approaches and a line forming at the door. What's it going to be ? Another hedge fund blowout? More CFC news? A terror alert? Someone is going to try and bury some news before this weekend...we'll just have to wait and see what it is...jfg.

27 August 2007

Flipping Out

So I flipped out of those QQQQ calls for about even with the less than enthusiastic open this morning. I'm still buried in the Naz futures position though and this afternoon's quick spike isn't making me feel any better. The only thing brightening my outlook is all the red in the financials...so that may lead to a weak close...until the my account will continue bleeding...jfg.

25 August 2007

I Surrender...

to the bulls...you've figured it all out...new highs...no doubt...I bow to your uncanny sense that everything will be alright...global explosion...China at new highs!!!
Those silly subprime lenders...those Alt-A boys...why did we even invite them th the party...what a nuisance.
I bought some QQQQ calls late this afternoon...too many I think...on about a third ratio (cash wise) against my obviously pesky and obliterated short futures position.... that is about 30 points to the red...I just don't believe this bullshit...should I be selling puts?
jfg.

24 August 2007

Take My Money...Please!

So I'm still short here from 1937 and I've got stops up over Thursday morning's premarket highs...I'm feeling the pain and being as stubborn as the bulls who have found this morning's economic numbers so comforting...I love numbers that tell us we were before things really changed...so if they can press things through the resistance up there they can have my money and I'll have to reposition...until then...jfg.

23 August 2007

Dodging A Bullet

I definitely don't recommend standing by and letting your positions get away from you as I just did this last day and a half. At one point my Naz futures short was more than twenty points to the red and I actually set a stop at minus 25 that didn't get hit by an act of GOD. So here we are with that futures position ticking almost four points to the green. So we'll wait it out...I still think a flush is coming soon...fifty points lower...jfg.

The Hands Free Approach

Being only somewhat in touch with the markets while at work is either going to give me a heart attack or make me severely rich..jfg.

Rescue Me

So Bank of America injects some $2 billion into the cry babies over at Countrywide and everything is fine. I expect serious sell the news and will hold on to my underwater position. I expect 1890 before any attempts at moving over last nights highs near 1960. ...jfg.

22 August 2007

Once Bitten



Strong market today and futures took off after the close. So I'm sitting here with a twenty point loss on my hands as I pulled my stops so they don't get hit in after market hi jinks. I'm thinking a down open on Thursday. So back to playing defense for a while...jfg.

In The Trenches

So I got filled in the first half hour of Wednesday's trade at the 1937 level and I want to hold most likely into Friday or Monday. I've put a stop just above 1950 that I doubt will get hit but you never know...we'll see what happens...jfg.

21 August 2007

Still Waiting

Nasdaq futures run into the low 1920's before turning tail a bit...I put some sell orders just into the 1930's...I am hoping they get hit this afternoon but this working full time while trading on the side has me a bit jittery...at least we are not trading any options!

So I'll lie in wait until my orders get filled. Again I'll be using some wider stops...probably 10 points or so...jfg.

20 August 2007

Play Calling

Not to eager to jump right back into the fray here but I think we may be range bound for a little while in the 1880-1930 area. There will be a lot of recalibrating going on due to last week's wild expiration...jfg.

17 August 2007

Drink The Kool-Aid


So how many careers end today with the Fed bait and switch here and the Dow futures effectively reversing somewhere near 300 points with the NQ's doing a 60 point jig. All of those options left with no bid will be spiking huge at the open. On expiration no less. Talk about a sell the open scenario...really laughable...jfg.

16 August 2007

Thanks For Playing

The Other Side


Well, we're at some serious support levels here in the 1850 level and I would be hesitant in shorting so we'll be positioning for a spike to retrace this latest drop just a bit. Dangerous trade and not for the faint of heart so hard stops go in right away...jfg.

15 August 2007

I Coulda Been Somebody

As I posted earlier, I had some sell orders out this afternoon just under the 1930 pivot that proved so profitable on Tuesday's break into this mornings early dump. Grabbed 24 points there but the real trade I was looking for was an all out dive into support levels near 1850. Well the NQ's only managed a double pop into the low 1920's before sliding into the close and then post 4 p.m. finding no bid whatsoever into the 1860's.
These are the trades you live for and I missed entry by about five points and didn't chase and the damn things drop 60 points. 60 points...jfg.

Welcome Back.


So a great first trade back in the turrets...back to work though. Want to let the market drift back up to that 1930 pivot. I put some sell orders up there but want to be careful as expiration looms...jfg.

14 August 2007

The Hulk

So, I held on to my Nasdaq futures short position into the close... looking for the gap down overnight.
We'll see what happens...my trigger happy fingers wanted to cover at plus fifteen points but I think 1900 is in the works and just possibly lower as market dynamics may draw in more shorts as we head away from certain strikes.

Resurrection


Well I'm back...at least part time anyway. The recent volatility had me chomping at the bit so I re-diverted some funds back into my trading account with the good ole boys over at Interactive Brokers. First trade, as usual, is short the Nasdaq 100 futures. I put some sell stops just under that 1930 pivot I had mentioned in my last chart. Being a little cautious, I waited for the second break of that level and here we have it...I'll be using a hard stop of 10 points, so I want to let this trade ride a few days and see if we can get some real liquidation going as the market makers may have to get shorter the lower we go.

09 August 2007

Trader On The Bench

Easy Money Fun World


Death Of The Consumer.

Wow, so here we are with some actual volatility...the big V. Credit markets pretty much frozen...Residential mortgage market...real estate standstill. Alt-A, no no, no No-Doc and Jumbo...no. Owner-occupied? No. No...
So the spigot is shut off. No more refi's, cashouts or consolidation loans...no more signature loans...no more nothing...shut down.

Washout. We probably don't see that until a brand name folds or sells. Who's it going to be?

CFC, WM, BSC?


Driving me crazy. Not trading...