Friday May 9 - missing post

i woke up on FRIDAY and the entire market was going down and Nue with it and since i didn't know how much down and my Nue position was so badly out of shape, i sold it at 79. i should have held out a little bit longer, because it went down to 77.12 and i should have been able to nibble atleast 60 cents more of that, which on 40 puts would have been 2,400...but i was super nervous and it was a big weight off my shoulders with that sell. rest of the sells were good, MER at the peak and IBM close to the trough. bought some STLD, because at 34 it's just insane. i love that stock. then i went to sleep.

as i slept, i thought about what i did wrong with Nue (ok actually later, as i was drinking). first of all my play was slightly bad. i entered at 76, when i should have waited for 78/79. at 78/79, i would not have lost so much money. 2nd, Nue did do an insane break. it just screamed upward for no reason, no other steel stocks following, just Nue going nuts by itself. sucks, but it happens. 3rd and most importantly, i just didn't know how to handle the risk. i am used to 10-20 puts, where even a $2 loss translates to $2-4K. i think when i saw the $5-10K loss (on 50 puts) my position was initially taking, my brain shut down and my heart was like NO NO NO...basically i gotta grow the balls for these kind of big positions.

i woke up and saw NUE had gone down even more. ofcourse i over analyzed that for the rest of the afternoon. cmon people it was a $16,000 loss over the course of 1 week. i'm good, but that hurt.

STLD had dipped down even more under 34 (wow, backup the truck :) , but it was at basically unchanged levels and i felt ok holding it over the weekend, since i was LIQUID other than that.

then i got drunk. really drunk.

rainy day

i woke up and it was raining. i checked my Nue and Mer positions and they were sucking. I didn't feel like trading. I went back to sleep. In the afternoon, i wasn't quite in the mood either. i was watching the movie Tenacious D (not as bad as i would have thought) and bought some IBM puts. mixed feelings about those. i had a chance to sell the first lot for slight gains but the volatility spikes were so fast i missed all the chances. whatever.

im just going to starve myself today. penance for my greed.

still hanging on to my loss

i am still hanging on to my 50 Nue puts, but i feel sad every time i look at them. patience Sunny. my theory about the rise being tied to Oil was dashed as Stld and RS, fellow companies are not tearing upwards. this could be a straight break out for the 80 level by Nucor. the company is still terrific, although steel is trading at record prices. who knows ? i'm going to hold through this week. man, the market goes down but this puppy is just not budging.

other than that, i just tore up the market today. sold my Stld and RS from yesterday. shorted IBM and took a nap. reshorted RS and almost shorted Nue, but i am scared of Nue at this point. it took a while for ibm to roll, but i got out of it at the perfect point. the RS paid off nicely too. i was a champione.

i like my new regime of wake up for the morning trades, then nap some more, run errands and then catch the last 2 hours of the market.
i already had Pho. perfect hangover food.

argh, major loss on the way

i overleveraged myself by buying 50 puts on Nue at a bad price. my gut told me to hold till 77, but i bought at 76. it's at 79, right now. there will be a downside, but it probably won't blow below 77. it's gonna be very hard for me to wait and hold and pray for 76. my gut says, if i get 77, sell and take the 5K loss.

bought some Stld and RS puts. more steel you say ? i still strongly think they are at their peaks and will go down. Nue just happens to have greater visibility then these two.

i need beer. i just bought these yesterday and in one day i am ready to cry. that's options, folks.

didn't sleep last night

as the title alludes i didn't sleep at all last night. i was playing minesweeper and listening to music and the birds started to chirp and i thought let's just watch the sun come up. it was glorious. the traffic humming below and the golden rays of sunshine penetrated my room's windows. i watched some more youtube and then got ready to go to Murky coffee.

my trading software was very quirky and would not plot any graph's of the stocks. plus i was tired. i shorted and covered Aapl for a profit, but my main focus was DRYS. it had gapped upwards and i felt frustrated. why ? unfortunately, there is no single reason. the stock market is a collective hive, each bee with it's own reasons. i shorted some more. i also shorted Nue. Oil was up and people were doing commodity plays. you have to be counter trend. but, then sometimes you get played. i sold all my Drys shorts and was able to break even, especially after my .40 cent loss on expedia puts. i screwed up and bought Nue puts at low levels. with my experience should have known to buy at the close. now i have 50 puts. you do know that a .10 cent fluctuation at this price equates a profit / loss of $500 :)

i hate coffee. i had some pastrami and fancy french cheese, while watching the joggers on the trail below my apartment. bon nuit.

god saves my stupid ass

i had a large position and a bad feeling about it and as usual i couldn't sleep. i woke up at 7:30am, then tossed and turned till 8:30am...crap, the unemployment report was unusually good...argh...all futures are up...no real bad news on the horizon...the rally from yesterday should continue...breakout levels......basically i was freaking the fuck out. i had 30 Aapl puts and 40 Bni puts. as i watched the tape into the open, i had a feeling it was not going to be so bad. trader's gut intuition. it just doesn't matter what the Cnbc idiots are saying or what anyone is saying, at the end of the day it's just you and the tape. you either FEEL IT or NOT.

well i had a feeling we were not going to go up much, but my positions were too risky and too big. aapl opens i watch for a little while and going with my gut liquidate all my positions. Loss. i watch Bni and it's weak from the start. i gauge and set a sell level. it comes close, then goes way opposite, i curse myself. patience. i am listening to drum n' bass music, jumping around, i look again, it blew all resistence levels and i am liquid. i left 30 cents on the table too and that's with a 40 put position. sigh ! adding it all up, it's not such a bad day. thank you GOD. did i doubt your existence ? never :)

happy but tired, i hit the sack, wake up at 3:40pm...argh...a quick look at everything and DRYS, which i had been tracking, looked really high. i hit it right at the top for some puts. good thing i slept till the end, otherwise i would have bought it more expensive. i love how this sleep thing works out sometimes. party till 4am, sleep in the afternoon, doable possible :) watching the tape afterwards, i think i should have doubled down. it's really extended on no real news, other than Oil.

it's frriddddayyy and now for some shots of chilled Belvedere vodka.

shorted the rally

the first day of the new month and the market rallied strong. i thought there might be a dip towards the end so i shorted BNI and AAPL. I like the level for BNI although there is more upside. the problem is that i have been in bearish mode for too long and maybe this is a genuine market rally. and if it is a true rally then there can be multiple up day's, rather than the up and down that i have gotten used to playing. we will know tomorrow. Aapl in particular is of deep concern, this stock has very strong momentum and i wish i only had 20 puts not the 30 that i hold. it just did not break towards the end.
i have now been blogging for over a month. Yay me !
i need beer. but, first an arthouse flick to recharge my batteries.