2 On Tuesday night I wrote about The PPT flagging several ETF’s as “oversold” with favorable results over the 3-10 day time frame.
After the FED minutes on Wednesday, I took to Twitter to alert my 2 followers that the sell-off was nothing but a head-fake, and to avoid getting sucked in. Next thing you know, the market magically rallies in the final 15 minutes of trading, likely forcing many who shorted the breakdown to cover their positions.
In the midst of that rally, I decided to open long call option positions in $XLB and $EEM (both based off of proxy ETF’s flagging in The PPT). I bought a shit-ton of July 35’s in $XLB for 0.19 (why the hell not?) and a decent sized chunk of $EEM July 38’s for 0.82. Both positions I decided to set at 1.5% portfolio risk (a bit higher than I usually like to go…1-1.2% is typical).
Imagine my excitement at 10 AM yesterday when I log into my brokerage account and see all of my positions getting their collective teeth kicked in.
Ahh, the splendour (sic) of the stock exchange.
Following my own advice from the linked post above, I decided to delve into multiple sangwiches throughout the session and didn’t even check in again until after the close.
Instead I chose to spend my day going “door to door” aka “pounding the pavement” to various Civil Engineering firms around town in an attempt to sell my educational and eclectic occupational background (little of which is related to the job I’m trying to obtain). What a demeaning and horseshit existence this charade is…but what the hell else am i supposed to do to try and find a goddamn job?
Anyway, my lack of interest in the stock market played right into my hands as I didn’t make any rash or stupid decisions based on the behavior of top-hatless traders at the open yesterday.
Then the moons started to align when the Chinese magically met their GDP number last night and the futures started to advance on this “news”.
Thus here we sit a bit past the halfway point of this most sublime of market sessions with my portfolio up nearly 5% for the day.
Hell, even the shares of my monstrous $MO position are up over 1.3%. I feel for the degenerates who are addicted to their hideous products, but this position is easily one of my best trades ever….having commenced this affair in April…of 2011!
The $EEM calls are still slightly in the red and I have this sinking feeling that some “surprise market sex” could send this and my other call option positions ($XLB and $XOM) spiraling lower early next week. Therefore I am seriously considering taking this opportunity to get the hell out with a small loss, small profit and nice profit (respectively) and not look back.
I have quietly been putting together a number of really nice trades recently, and hope to keep this mojo flowing into the latter parts of summer.
My best to you all.
-EM
PS. One more item: in seasonality news, my sell order for $BPL was filled at 53.87 from 52.30…aka +3.00%…
UPDATE: late in the afternoon I sold 1/2 of my $EEM calls @ 0.75, 1/3 of my $XLB calls @ 0.22 and a little less than 1/2 of my $XOM calls @ 1.85.
2 Responses to “Took (Some) of What I was Given – UPDATED”
razorsedge
great post!
elizamae
Thanks for reading.