YukTrader

Intraday Counter Trend Trade in FCX

2010-12-18T10:20:00.006-05:00

Took a trade in FCX on Friday that was definitely counter trend and not usually recommended unless under certain parameters - FCX had broken the 5 dma two days prior then consolidates prior days move and gaps higher today - the 1.3812 fibonacci extension from the prior days body lies at 113.45, the 50% retracement of the prior measured move lies at 113.50 coupled with a flattening 5 dma - though not impossible for price to break through this level - it is highly unlikely to just burst through - so taking a short position here can be done as your likely to be proven wrong quickly - tape reading at this level is crucial. I took the short at the 113.40 level willing to exit quickly just above 113.60 with the VWAP target at 112.70 - trade was accomplished in 20 minutes with about a 3 to 1 risk reward and .70/share profit.

No Mo Momo

2010-12-15T20:20:00.003-05:00

Bidu fell off a cliff today on executives comments and technicals - down over 6% on the day - should be in play tomorrow and I like to trade these names using pivots off the prior days body - these are the pivots I will use tomorrow: (click on image to enlarge)

Forexification!!

2010-02-06T05:28:00.008-05:00

Mainly doing the forex and twitter thing these days. Too busy too maintain the blog - so if you have any interest -just follow me on Twitter.

Sigh of Relief

2009-03-14T10:40:00.003-04:00

So we got " The I Wish I'd Covered My Shorts Last Week" rally that everyone was hoping for. And what a rally it was with the financials and small caps ripping higher and all news interpreted as good news. Of course we've been here before and are aware that this new "positive outlook" can turn on a dime. I caught a good deal of the first portion of the leg up in BIDU and CME but underperformed the late part of the week not wanting to chase. I used a strategy of buying calls into weakness (as if there was any) and buying puts into strength. Fortunately the calls tripled in value as the puts only halved so net postive but not a week for hedging. So kind of kicking myself as this was a week for going for the throat and really left some money on the table. Anyway, the number one rule is staying in the game and we survived for yet another day.
I'll be off the turrets this coming week as I am in the process of switching brokers and that can take some time. So 100% in cash with no idea where we go next.

Positions: None.

Is This The I Wish I...Rally?

2009-03-10T07:13:00.003-04:00

...closed all my shorts yesterday rally? S&P futures up 14 as I type and one thought has to pass through your head. Is this the rally that holds and flushes all the late shorts out of the market. I've been trying to position for this type of scenario for a week and it has not been easy. Luckily, the stocks I have been hiding in...BIDU, VRSN and CME have been offering nice scalps and relatively painless overnight holding. I tried to play some FAS calls as well but had to dump them as rational fear overcame greed.
I did dump my VRSN holding into yesterday's opening spike as it closed the gap from last Thurday morning at $20.70 offering a nice .80 for the whole stake. At this point I am long CME March $190 calls and $BIDU March $160s. So if this is a melt up 350+ on the DOW type day, I will be whistling "Dixie" and doing a little celebrating tonight.
Let's see what happens...
Positions:
Long BIDU March $160 calls ($6.50)
Long CME March $190 calls ($4.65)

Balancing Act

2009-03-09T07:30:00.003-04:00

Another slow melt on Friday as the jobs numbers left much to be desired. A late afternoon rally sparked by who knows what left the S&P and the DOW slightly green while the ugly step child this day was the NAZ that finished red after an ugly sell-off in the morning. I had thrown the dice a bit Thursday picking up some FAS calls at the bell. Well, those were green for about fifteen minutes until the sellers came in full force and I had to dump them at $30 for a slight loss. There seems no bottom for the financials but at some point the sellers will have exhausted themselves and the shorts will step back for a bit. That should release the bulls for a bit so I have been positioning for this. Picked up some CME calls as the exchanges seem poised for a run. We shall see.

Positions:
Long CME March $190 calls @ $4.90
Long VRSN @ 19.90

Trying To Catch An Anvil

2009-03-06T00:23:00.002-05:00

Wow, does it get much uglier. Another just grind lower today with the DOW finishing down 281 and it felt more like 500. One little attempt at a rally in the early afternoon was laughed at and sold off furiously. If they say you must buy when you see the gut wrenching fear in their eyes then that is what one must do. I spent the day nibbling at FAS only to piss away a few cents here and there while cursing myself for not just getting short somewhere something. Alas, I did do some buying, gobbling slugs of VRSN at what I think are bargain prices under $20. At the bell I bought some March $4 FAS calls for $33 bucks each. If we do turn, I think these are an easy double or double double. Only time will tell and there should be some fire works to boot in the morning.
Prediction: Jobs Number -528,00 and we rally like hell.
Positions: Long VRSN @ $20.12, $19.85 and $19.70
Long FAS $4 March Calls @ $33.

A Little Rally

2009-03-04T22:42:00.004-05:00

Well, we finally had a little green on the screen and I was able to flip out of the rest of my IWM calls from Wednesday just before 3 p.m. Same old song though as the last hour managed to dump pretty hard. Almost a relief, I would think as a straight one day moonshot would probably reverse immediately. So a panicy rally probably best as just maybe the shorts might get caught here for more then a day. Thinking tomorrow an early dip gets bought and then another muted close as everyone tries to position for Friday morning's jobs number.
Positions:
Long FAS ($3.48)

VRSN

2009-03-03T18:23:00.003-05:00

VRSN should benefit from the new administrations move into electronic health recording. I've been watching this one for a few weeks and today it really showed some strength. So on the watchlist she goes as the buyers seem in control here.

YukTrader Lives!

2009-03-02T23:01:00.003-05:00

I finally decided to start blogging again as the gentlemen and ladies on StockTwits have welcomed me back into the blogosphere with open arms. Going to keep it lite as I still have a full time job and had stayed away from the markets for a while. Been back trading the last few months and the amazing volatility has offered some great opportunities.
Sitting just above 700 on the S&P as I type and I smell a counter trend rally coming. So we'll see if that plays out.
Current positions:
Long BIDU @ $138.50
Long IWM $38 puts (@IWMOL)@$2.16

More Of The Same

2008-02-02T02:04:00.001-05:00

Fed Up

2008-01-31T12:46:00.000-05:00

Gambling around the FED is probably not the smartest thing to do but for some reason I thought I had this one pegged and for once I was right...I think we will see a powerful rally these next few trading sessions...but I'll wait it out it out on the sidelines for now...jfg.

That Uneasy Feeling

2008-01-29T01:40:00.000-05:00

I'll take the standard 3 to 1 risk reward...1780 takes me out...jfg.

Once In A Lifetime

2008-01-19T02:58:00.000-05:00

We'll sit here and talk of bottoms...until the financials find some buyers there is no bottom in tech...no bottom...there are investment houses getting buried in the MER's, the BSC's and the C's...they have profits in the NDX...and they will take them...until there is nothing left...they will take them...jfg.

Ouch.

2008-01-11T01:19:00.000-05:00

News of the possible sale came a day after Countrywide disclosed that 7.2 percent of the loans in its servicing portfolio were delinquent last month, up from 4.6 percent in December 2006. Foreclosures also more than doubled last month, to 1.44 percent of unpaid principal balances versus 0.70 percent in December 2006.

New Post

2008-01-10T02:42:00.000-05:00

Guilty As Charged

2007-12-21T01:21:00.000-05:00

If anyone is left reading this blog...there it is...I did it...started a blog and walked away...promise you a look into the mindset of a futures trader who is pushing that button every day and stopped...no worries...I'm pissed as well, money didn't show...like every other trader or business these days...under-financed...I am a fraud...and any post from now on is based on that premise...when I said I was trading 5 contracts it was three...going in "big " was 6 contracts instead of nine...I am a restaurant manager in Vero Beach, Florida...but it's a great restaurant...and the market teaches in many ways...jfg.

PostFedRomp

2007-12-11T11:40:00.001-05:00

We'll see what happens as to whether that level is hit and if so when to exit. I've been burned lately on solid entries, letting profits slip away, waiting for that elusive 100 point move...jfg.

Festivus...for the rest of us...

2007-12-08T12:33:00.000-05:00

Pump Up The Volume

2007-12-06T10:14:00.001-05:00

Great entries at the 2125 and 2100 levels leave me not to far behind the curve as the market drinks the kool-aid of pumped up economic figures and the promise of "Helicopter" Ben. I'm back to playing defense...guarding against losses instead of counting big gains...jfg.

Marvin Gaye (1939-1984)

2007-12-03T13:11:00.000-05:00

...I just sold a few more contracts just under the 2100 level...a move over the 2125 level will stop me out of the whole position...market feeling sluggish...jfg.

Evel Knievel (1938-2007)

2007-12-03T01:24:00.001-05:00

Get Shorty

2007-11-30T09:21:00.001-05:00

I just sold a few contracts at 2125 and am waiting for the open to get a feel for the action...A move through the 2150 area invalidates my trade idea... we'll wait and watch, looking for the market to give back a great portion of the recent tepid move...jfg.

The Give Back

2007-11-29T01:43:00.001-05:00

We'll start with the intraday orgy that was today and thank my lucky stars that I was not short as my inclination these last weeks was the FED would step in here, wether in word or deed. Classic bear market action...carrot and the stick...

back to the longer term trend, mixed at best...I'll be selling bigger then usual if the futures manage to hit the the teens here, (2110+), with the idea that this bounce will be the best, last chance for the dive into the August lows before a meager year end bounce that leads into the 2008 "give back"...jfg.

Ice, Ice, Baby...

2007-11-27T01:16:00.000-05:00

Trader's Almanac And The 40+ VIX

2007-11-22T01:21:00.001-05:00

I've misplaced my trusty Trader's Almanac. Cannot find it anywhere. I bring this up only to quote from it. I do believe the quote might go something like this...
" If you are of the sort that likes to short the market, the Thanksgiving week, for lack of a better term, is the perfect time to leave for your holiday on Monday afternoon..."
Yet, this time around, volatility and volume are way above norms and I'm finding that my prior thesis of waiting for a bull trap somewhere over the 2100 level will leave me behind the curve...I've placed sell orders a few points under today's lows...1987 to be exact...if I've learned anything in this journey it's that if this level is broken we should, might, could see a quick 80+ drop into the 1900 levels above that August low...should be a good trade...
jfg.

Dollar Breakdown

2007-11-21T02:39:00.000-05:00

Daily chart still intact...for a bounce anyway...looking for 2100 to be broken...bringing some reticent bulls back in...and perhaps we will see them squashed like today...I'll be selling futures somewhere in the teens to the twenties ...over 2100...jfg.

On The Sidelines

2007-11-15T13:12:00.001-05:00

Lots of headlines, coupled with expiration has me concentrating on my day job. Tons of long only equity traders will get sucked into a break over the 2100 where I believe the market may just break their backs and hopes for the Santa rally...jfg.

Applicious

2007-11-13T13:19:00.000-05:00

So I finally got one right for a change as those $160 Nov. AAPL calls (@APVKL, bought for $350) were good for almost a triple as I just flipped out of them for $1000 each...Going to stay away the rest of the week as I'm not sure how expiration is going to push the board...If we rally hard here I'll be waiting with some futures for sale...but I imagine that might be much higher then here...jfg.

Anything For A Bounce

2007-11-12T15:11:00.001-05:00

With the futures flying all over the place and my thinking we'll see a bounce here over the next 24 hours... I stepped in here and bought a small speculative position in some Nov. AAPL (@AVPKL) $160 calls at $350 per...I may be an ass and a devout hater of all things aaple...but we'll take a swing here and keep my fingers crossed that nothing happens between now and the morning that will make these things worthless...God knows I have been there before...I don't see holding these calls much past Tuesday afternoon...jfg.

Let The Good Times Roll...

2007-11-11T04:07:00.001-05:00

So the bears doing back flips as the hedge funds flip out of puts too early and watch their tech positions get hammered...I expect more volatility as a "bottom" is put in...at least for the week.

Swooooooosh

2007-11-09T13:10:00.000-05:00

I usually trade off pivots where I feel traders will either be waiting to buy or take profits...either way, those price areas usually give a clearer picture of who is in charge. If I want to buy in an area where I believe there will other buyers or at least some shorts taking profits...the action at that area should either confirm or negate my trade ideas in a fairly short time...if I don't like what I see, I can usually get out of those trades with fairly little damage...this is not one of those times as I have absolutely no feel for where the market is headed in the short term...so we'll sit in cash until we can find some sort of range to play around in that is smaller than a 100 points...
For all those shorts, congrats...jfg.

Buy! Sell! Chill!

2007-11-08T15:59:00.001-05:00

Watch Out Below

2007-11-08T12:43:00.003-05:00

The Naz just getting absolutely pounded as no one wants to own tech now...GOOG down a cool $50 bucks and when was the last time AAPL was down $10+...definitely pulling in the horns here as the idea of trying to scalp in here (up or down) has me feeling nauseous...the VIX just screaming higher...we've gone from overbought readings to very oversold readings in just a matter of sessions...I would assume we will stabilize in here above 2100...is that all she wrote for the bulls?
jfg.

Gabba Gabba Hey!

2007-11-08T10:05:00.000-05:00

The world of trading...just when I'm convinced we'd go higher and find being short here dangerous, the market puts in a nice 85 point drop. Funny how that works! Well it's still all about the pivots...I'll wait for the inevitable rally and pick my spots to get short near 2200...a break of the overnight lows near 2150 and the Oct. lows near 2125 should be in play...depending on how quickly that happens...it should be a good place for scalping higher...jfg.

Death Spiral

2007-11-07T16:51:00.000-05:00

Some pretty good selling today as the usual culprits (WM, CFC, MER) get whacked. We'll see what the overnights do as a gap higher may yet again chase late shorts back to their cave...jfg.

Waiting With Beards

2007-11-07T13:21:00.000-05:00

The moves today in the Euro and gold are almost breath taking...having been long the Euro in the $1.17 and $1.29 areas, it is very hard to watch the currency smash through $1.47...I was also long gold in the $560 area, but enough on that. Markets taking it on the chin and it looks like a trend day...we'll probably finish on the lows so no bottom fishing for me...I'm still looking for financials to stabalize giving the green light for the speculators to jump back into the NAZ...jfg.

Same Old, Same Old

2007-11-06T19:38:00.000-05:00

I apologize for the same old droll look of this blog. Working full time has humbled my internet aspirations. Basically, let's boil things down to the price action and go from there. Trust me...I hate this market and all the problems that exist and have been discussed ad naseum here, still exist!! The problem here seems the sellers are backing off and we may hit an airpocket on the NAZ to the upside...and I want to profit from that...jfg.

It's Never Easy

2007-11-06T14:07:00.000-05:00

Late shorts taken to the woodshed as muted strength in GOOG and AAPL are enough for a mini squeeze that pushes the NDX right up to the 2020 pivot...done for the day as afternoon meetings have me busy until the close...jfg.

G-Phone Rally

2007-11-06T12:36:00.001-05:00

Looking for 2220 for about fifteen points...so about a 2 to 1 R/R...we'll see how it goes. I just think the bears will keep getting frustrated as the financials bounce this afternoon and that should push tech higher...jfg.

HellBoy

2007-11-05T21:05:00.001-05:00

If the financials start to bounce this week and the Spyders stay green for more than a day...tech could easily start another move...regardless of oil and her bastard child gasoline, the dollar, goldbugs, SIV's, CDO's, SARS and Mushareef...if the NDX starts rolling I wouldn't be surprised to see another big move to the upside...

Some Profits!!

2007-11-01T14:06:00.000-04:00

I was thinking that no matter how ugly things were this morning that the market might turn around...well as 2p.m. neared it seemed apparent that was not going to be the case...regardless, the power of pivots can be quite dramatic as I pretty much caught the bottom tick and will happily book these gains...probably done for the week...jfg.

He Might Be On To Something...

2007-11-01T12:02:00.000-04:00

Innocent Until Proven...

2007-11-01T09:29:00.000-04:00

The Season of Giving (Back)

2007-10-30T14:15:00.000-04:00

Fade To Black

2007-10-30T11:25:00.000-04:00

This is a quick trade that I will not be holding very long...I am well aware of the big bad Fed.

Fed Up

2007-10-26T14:15:00.001-04:00

The Bernanke Call

2007-10-26T00:21:00.001-04:00

What else is there to say...do you want to short here?
Scalp the upside...I guess.

The Bernanke Put

2007-10-25T14:07:00.001-04:00

So if your a lover of volatility, this market is for you...the ranges have become explosive with huge volume to boot...Wednesday's action was remarkably similar to the bottoming action in August...another comeback today would have me thinking that we go higher and that Bernanke will do the market's bidding once again. A break of Monday's lows should see a steep drop and push bias more to a massive topping formation. The old adage goes that volatility picks up at market turns...we shall see...sitting in cash for now...jfg.

All Time Highs

2007-10-23T08:54:00.000-04:00

So we have new highs in AAPL, GOOG and NVDA...just to name a few...Friday was just another one day wonder and all credit, housing, consumer and deficit-currency problems should be forgotten until we are at least 5 percent higher... shorts should go burn in hell where they belong and bet the house,the kids and the dog...hell let's even buy some financials...I would think you buy this gap today...but I won't be playing as I'll be in meetings today and preparing for a nice weekend in South Beach...remember those gorilla gap trades...stick to the plan...jfg.

Morning Quickie

2007-10-22T12:09:00.000-04:00

Safety Blitz

2007-10-22T08:03:00.001-04:00

I'll be watching these two levels with interest, fading rallies...with my luck the market will fall apart and I'll end up having to chase...jfg.

Whipsaw

2007-10-19T12:18:00.000-04:00

So the twentieth anniversary of the big bad crash is upon us on expiration no less...GOOG reports another stellar quarter and the over nights are all over the place....I was opining on wanting to buy near the 2180 pivot but with all the crosscurrents, I've stayed on the sidelines...see you next week...jfg.

Bear Expiration

2007-10-18T23:19:00.000-04:00

Downtown

2007-10-16T09:25:00.001-04:00

And Winner Is...

2007-10-16T00:29:00.000-04:00

Quote of the Year...

From the The New York Times:

Big U.S. Banks Try to Restore Confidence in Credit Markets

"The plan calls for the banks to create a new financing vehicle to try to restore confidence and reduce the risk of a market meltdown by propping up an important part of the debt markets. But the banks hope to take minimal risk and avoid actually investing any of their own money."

...who would have thought?

Recap

2007-10-12T11:05:00.001-04:00

I just wanted to spend a minute going over my crazy last two days of trade as a quick review of my posts leaves even me confused...On Wed. afternoon I was itching to get involved so I placed some sell order stops at 2186 that were hit and then the market of course took off back to the the upside breaking through my stops overnight for a quick twenty point loss...such is the beast...I had been waiting the whole week for an overnight gap to short into...well we got that gap so I shorted again at 2208 and the market actually collapsed right on cue giving me the opportunity to bag most of that quick drop...covering at the 2170 level...the lesson here is stick to your plan...jfg.

Early Christmas

2007-10-11T16:40:00.000-04:00

Come On Baby, One More Time!

2007-10-11T14:25:00.001-04:00

Drivers Ready...

2007-10-10T11:55:00.000-04:00

I'll Be Watching You

2007-10-09T15:43:00.000-04:00

Count DeMonay

2007-10-05T13:15:00.001-04:00

So the payroll numbers come in positive and we get a lovely Friday gap up...Washington Mutual reports some very ugly numbers and bottom callers abound now that it is a "dividend play"...the grass is always greener I guess. And Bush announces that "we don't torture people". We are now at war with Oceania and allied with East Asia...Orwell would love this.

I just returned from my own personal Mets funeral and await a Yankee's post-mortem this weekend.

Back to the markets...GOOG, AAPL, RIMM at all time highs...I'm waiting for the futures to tag the 2200 level before getting back involved...jfg.

Bear Tracker

2007-10-04T20:10:00.001-04:00

The Jeffersons

2007-10-02T11:55:00.000-04:00

That first move off the lows was from 1830-2060 or about 230 points...the next intermediate low was formed in the 1970 level...so a straight "moonshot" to the 2200 area is no out of the question...we shall see what happens...jfg.

It's Over.

2007-09-30T16:39:00.000-04:00

Final	1	2	3	4	5	6	7	8	9	R	H	E
Florida «	7	0	0	0	1	0	0	0	0	8	11	0
NY Mets	1	0	0	0	0	0	0	0	0	1	5	1
Preview \| Matchup \| Lineup \| Log \| Wrap \| Box W:L.Kensing(3-0) L:T.Glavine(13-8) HR: FLA- None NYM- None

Final	1	2	3	4	5	6	7	8	9	R	H	E
Washington	0	0	0	1	0	0	0	0	0	1	6	0
Philadelphia «	1	0	2	0	0	2	1	0	X	6	7	1
Preview \| Matchup \| Lineup \| Log \| Wrap \| Box HR: WAS- None PHI- R.Howard (47)

Let's Go Mets!!!

2007-09-29T16:03:00.001-04:00

Don't Tase Me Bro!

2007-09-27T14:48:00.001-04:00

Now I am not shocked by the market's continued ascent. What does concern me (if I was a bull) is the lack of normal trade flow. We continue to rocket skyward without any normal pullbacks. I took another loss on my short from 2089, getting stopped out just above that 2100 level. I'm not getting killed here but 80-90 point moves with pathetic little 15 point drops is annoying as hell. I'm going to wait and watch here looking for entry sometime early next week. Until then...cash...jfg.

Bitch.

2007-09-25T13:03:00.001-04:00

Jesus Christ, shorting this market is a bitch...perfect entry yesterday as the market drops a sweet fifteen points off the get go and looking for more...but of course here we are right back near our entry of 2089 with my stop just a hair over that 2100 level...I am hoping for meandering around here with a gap lower sometime this week that sticks and a dive into the 2045 level where I hope to take some profits...jfg.

Pullback Time??

2007-09-24T13:21:00.000-04:00

Mac Daddy?

2007-09-21T14:36:00.000-04:00

How High?

2007-09-19T07:32:00.001-04:00

Pre Fed Meds...

2007-09-18T12:11:00.000-04:00

Well, we are siting here a few hours before the FedSpeak and the scenario I was hoping for has not come to be. As noted, I am short from 2018 and that is pretty much where we sit...I was thinking that we'd be flopping around the 2000 level going into the decision, leaving me some breathing room...that has not come to be...so I've covered...I'll fade a move around 2035...until then cash...jfg.

Sitting Pretty?

2007-09-17T12:28:00.000-04:00

Rollover

2007-09-13T00:36:00.001-04:00

Where the deer and the antelope play...

2007-09-08T16:26:00.000-04:00

Home On The Range?

2007-09-05T22:02:00.001-04:00

I'm Out Baby!!

2007-08-29T20:25:00.001-04:00

Still Short

2007-08-29T08:29:00.000-04:00

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.

Now What??

2007-08-28T09:05:00.000-04:00

Merril To The Rescue

2007-08-28T07:53:00.001-04:00

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.

Flipping Out

2007-08-27T13:20:00.001-04:00

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.

I Surrender...

2007-08-25T01:13:00.000-04:00

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.

Take My Money...Please!

2007-08-24T13:39:00.001-04:00

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.

Dodging A Bullet

2007-08-23T22:30:00.000-04:00

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

2007-08-23T14:28:00.000-04:00

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

2007-08-23T09:16:00.001-04:00

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.

Once Bitten

2007-08-22T20:01:00.001-04:00

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

2007-08-22T11:46:00.000-04:00

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.

Still Waiting

2007-08-21T12:55:00.001-04:00

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.

Play Calling

2007-08-20T08:35:00.000-04:00

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.

Drink The Kool-Aid

2007-08-17T08:29:00.000-04:00

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.

Thanks For Playing

2007-08-16T12:49:00.000-04:00

The Other Side

2007-08-16T08:49:00.001-04:00

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.

I Coulda Been Somebody

2007-08-15T23:05:00.000-04:00

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.

2007-08-15T10:15:00.001-04:00

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.

The Hulk

2007-08-14T16:22:00.001-04:00

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

2007-08-14T14:07:00.000-04:00

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.

Stretching Out

2007-08-12T23:03:00.000-04:00

Trader On The Bench

2007-08-09T23:34:00.001-04:00

Easy Money Fun World

2007-08-09T22:56:00.001-04:00

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...