iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,324 Blog Posts

A Tale of Woe

At the open of trade I was +55bps, smartly positioned in uranium stocks — pleased — quite pleased with being mostly cash and yet surgically positioned in the right areas of the market. As soon as markets opened we swooned but then recovered. I quickly sold all but one stock and then started to forage the grounds for fresh food — because I was invincible and knew what I was doing.

I chanced upon ATER. It just went from down big to green, so I figured I’d chance it and took down a 5% position. As soon as my order was filled, the man behind the levers quickly dropped the stock — and kept dropping it 10 cents at a clip for the next 10 minutes. Within 10 minutes I was down $1 on the stock, all but erasing my wonderfully surgical gain of 55bps. So then I figured “why not chance it again?” since often times when stocks drop fast they recover. And so I did — bought more at $10.5.

As soon as I got filled the man behind the levers continued to drop the stock by 10 cents per minute, until I finally forced the issue and took an 8.5% loss in 20 minutes on a 10% position — placing me down 50bps for the session.

So how’s your day going?

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6 comments

  1. emersonlakepalmer

    Wow, tough luck comrade

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  2. edge

    Pretty good. Up a bit. Short position are nearly painless. ETHE providing lift. Longs are mostly green type things and biotechs I’ll suffer through with.
    This market is acting a bit like 2007 with stocks balky and energy exploding higher. I expect gravity to take control shortly, but only for maybe six weeks.

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    • edge

      Just bought Spy puts. Increased ’em by 50% but only amount to 2% of portfolio. Looking for more.

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    • edge

      Added a few more puts. I’ll look for a convincing break below yesterday’s low to go all in on the position.
      I hate paying up for options.

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  3. txchick57

    I was looking at ATER last night for the same reason. It’s a piece of shit.

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