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.

dismal week is turning out good

the dismal part is in lamentation for my IBM loss.  it's done. i'm over it.

as you know, my GS puts were looking very good last night.  the only question was at what level to sell them.  i'm thinking 70% gain, dream of 100%, but nah that won't happen.  in the morning i dilly-dally in my bed.  i'm pretty sure the market's are gonna go down and i want to give them some time.  the bottom's usually around 10-10:30 and probably for this day they will go down for some time.  the sun is shining on my face.  i'm half dozing, kinda worried.  my phone rings.  it's a job recruiter.  it's 10 a.m.  bless him.  he woke me up at the perfect time.

i run to my computer.  quick look at the indices.  carnage.  i log in feverishly.  i take one look at the quote and hit the sell button.  100% return.  no if's, and's or but's.  i don't even think.  i don't care where it goes from here.  that's an instant sell.  thank you GOD>

so i sit there watching and it's going lower.  i'm thinking things have to bounce.  i want to buy the calls right away, but i do due diligence.  check the news, other stock quotes.  i come back and it's gone up a little.  pull back a little bit for me sweety.  it's so close to my buy price.  i don't get my price.  fuck it.  i'm not going to risk it.  i am going back to bed, with my 100% gain and no worries hanging over my head.

i wake up in the afternoon and things are going back up.  strong.  the whole day would have been good for daytrading.  it went up, then down and then a strong up. it was 1:30 pm and i quickly decided that the rest of the day needed to be spent at Murky coffee house.  2 hours of bliss coming up.  that is if watching the tape turns you on.

it's frigging freezing out there.  i get coffee.  two cute college girls sitting across from me.  they're organizing their future.  how cute.

it's too late for me to participate in the rally.  and i don't like it anyway.  i've seen days like this before.  i'm ready to short.  i calculate various price levels for GS.  76 is heavy resistence.  76.5 is optimal.  high from last day.  highly unlikely it rallies past that point.  i get in at 75.8.

that's the hard part.  now sit back and watch the tape.  it only came close to 75.8 once, rest of the time, it just trended lower.  i calculated sell levels.  watched like a hawk.  swooped.  nice.  +2 points.

it trended lower for a little bit more.  then it jammed higher and i shorted it again at close.  C's reporting tomorrow and it's not going to be good.  their management sucks, board sucks, assets suck.  i'm a little uneasy, but what the hell.  no guts, no glory.

AH, the news is mixed.  BAC moved up it's earnings date to tomorrow morning.  and it seems they will be getting more money.  TARP II passed.  it's a mixed bag.

it's 11:55 pm and i am going to get a late night beer.  need to clear my head.  relax a little.  sleep.  tomorrow is going to be another fun day.

coffee, girls and nail biting

i woke just a little late, around 10am and it worked out for me, because the market went down in the morning and i was holding calls (i.e. i missed the drop). i was able to get rid of all my calls over the next hour for nice profits. you may be wondering why that's good, since the market went up the rest of the day, but i tell you for the life of me i don't know why we rallied. the news is just terrible and sometimes like today i like to take a stance and say enough with this NONSENSE, you should be down and by GOD you will go down.
so, i was looking for good candidates to short and what do i see IBM, godforsaken IBM, has run up 2 dollars to 119. as bugs bunny would say that's just preposterous !!! you may not know this, but IBM puts are my number one money maker. i have lost money very few times and made tons on IBM puts. can you say delicious. i bought some RS puts also for good measure.
now i was jonesing for coffee, actually i had been jonesing since 10am, but i am literally glued to my seat when i am in a market analysis mode...i checked for free wifi...and settled on Murky, yes that's the coffee shop's name. do they have good coffee ? yes. free and fast internet ? yes. tons of young girls, twirling their hair and staring into space? yes, yes. it's an interesting place, lots of people. i drove there, smoked cigarettes, met my friend Bill the bartender at Galaxy Hut, made friends with a crazy, old Iranian(?) guy, who was a stockbroker for 20 years or so he said. we swapped trade stories. oggled girls, didn't talk to any. more cigarettes. bought some NUE puts at market close. nothing crashed, so still holding a ton of puts.
then i went for pollo rico chicken, but the coffee had made me full, i gagged and stuffed myself, disgusting, went back and watched Elizabeth I...amazing...i nearly fell in love with old, haggard Cate Blanchett.
wish me luck and now i need beer.