Tuesday, March 31, 2009

first let's catch up on the trades

as you can see from a couple posts back, i finally got out of GS, which was a terrible trade, but overall my equity was not so bad. only thing was i was stuck with the PDT designation and i was thinking of ways to get around it. finally, i thought that why not ask them to reset my account again. i didn't think it would work, since they just reset it like 3 months ago and the rules require 180 days in between. but, somehow it worked and they reset my account. it took a frustrating amount of time though, with some very juicy opportunities just waiting to be had.

anyhoo...on Friday my account was reset. i could trade again. straight away i wanted to scalp something / anything...it would waste one of my day trades...but i wanted something warm and wet hanging from my belt. (wtf, is he talking about?)

i shorted 20 IBM near the end of the day, because it was one of those days, where things just keep on going down and always close badly. unfortunately, IBM did not follow the script and i now had an overnight on my hand. and a bad one at that. huge down day and i'm short, going into the weekend. oy vey.

luckily, Obama slammed GM and the futures were very solidly down on Monday. i had a hangover and didn't want to be greedy, so i sold right at the open...and that was the lowest IBM went that day. after that it went straight up, even though the market was tanking. i thought about shorting it at close, but thought it still had strength and quite wisely decided to give it another day.

some very nice duckage on that....check the trades :)

like i said, IBM kept going up even though the market was tanking badly. around midday i shorted IBM again...but it was unnaturally strong and fluctuating around like mad, so i sold for a small gain...and very wisely too, because a couple of minutes later, IBM jumped up big and kept up going up from there.

i thought the market was oversold into the close and i bought some X, based purely on it's 13% decline and at the last moment went long GS as well. it was beaten down a lot for no reason, but i was worried about it...it was near 100, a break point.

unfortunately, i thought Monday was a Tuesday and went and got drunk again. Fucking quitting smoking is gonna make me an alcoholic :) we'll see !

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