Thursday, March 5, 2009

jammin...but not so jammin'

like i said yesterday, my gut feeling was yelling long, but i was short BNI at the close of the day, with a bad strike price and not the best buy levels. so i was kind of sweating it yesterday night, but when i woke up this morning and checked my computer, surprise surprise, the futures were down quite a bit.

i wasn't sure why, but i didn't want to hold on to my shorts and sold them straight away at the open, although i didn't get the best open prices, but i mean BNI gapped down over $2...which is quite a lot and i thought don't be greedy. then i dressed up and zoomed to work.

i get to work and the whole market is tanking bad. GM is dead, which is the official excuse. but all traders knew that GM had been dead for a while. i don't know why, but the market went down hard and it stayed down hard all day. very little chop. just downward trajectory. i had a feeling we would retest the lows one more time, before we went higher and i think this day was it. should i have held on to my BNI's ? honestly, i didn't expect such a big day down on large volume and no big reversals of any kind. very surprising.

so, being the dolt that i am, i decided to go long. usually on such major drops i wait for the end of the day to enter...but, i broke the rule and bought BNI calls around 11 and then some more just a few minutes later (that's a big trader's no-no) and bought some more 2 hours later. basically, i used up my whole account to buy BNI calls. how do you spell BAD MOVE ;/

actually, i am not too worried...stocks generally held up much better than the index's point drops show. i bought BNI pretty near the bottom and the last hour's action was didn't gap down a couple of points on me. and i'm still feeling LONG...this is bullshit overselling...i just hope i have the balls to hold this position for longer than a day...but i doubt that :)

the only bad news is that i have to travel for work tomorrow and will be out of action from 10-11 atleast...peak hours. i really wanted to watch the opening tape...because, you know what we say, fuck gut feeling...the TAPE is GOD> or this may be GOD>'s way of telling me something......HELP !!!

i'm really starving for some low down, smoky, drinky, fun :p

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