Tuesday, March 31, 2009

whack day

as you know i was long GS and X and when i checked in the morning...the futures were up, fairly nicely. but, i didn't like it. i was worried about the downside. i thought it was a setup. i usually compute sell level, but maybe it was the hangover or that i needed to get to work at some point, but i didn't compute crap. i just sold at the open. i was more worried about GS and sold that first and then got rid of X. i should have done the opposite, because GS went on a massive tear for the rest of the day...up over 6 ducks...i left a lot on the table. but, i don't have any regrets about that because the action for the whole day was pretty illogical...i thought definitely we needed a rally, some bounce back and that would have been around 100 points on the DOW, but GS closed it's entire gap, i.e., it went from 108 to 101 and then back to 108....it only sold off some at the close. that made no sense to me. i wanted to short it at 106, luckily i didn't. it was a scary market.

i did however, create a minor faux paus...before i left for work, my conviction for the downside was such that i shorted IBM around 96. actually it was a level i had computed from the day before. so i get to work and crap IBM is at 97.5...there goes my theory. the market was tepid but GS and IBM were blazing. the rest of my screen was pretty limp. weird. around midday i bought some more IBM puts...i wanted to average down and this really felt like a fake out rally. no way would i value IBM at 98. fuck that.

IBM held up pretty good for the rest of the day. it and GS cracked at the close, so no i am about break even, but tomorrow is critical. the market is overall at a balance right now, with some stocks like GS and IBM overbought...so we could go in any direction tomorrow. i might be out of this trade fairly quickly although back to 94 would be nice.

two pretty girls are playing catch ball in the park below my office. how nice. spring is finally here. i have to go home and do taxes. fuck. merde.

blog comments powered by Disqus