I never thought the Vix would get this high… okay I did. But I didn’t think it would until we hit high 30s first.
I posted this on October 7th and traded accordingly, sticking to my plans to buy either today’s reversal, or yesterday’s close. I chose yesterday’s close.:
“Right now, all I can do is day trade the powerful volatility… my current strategy is to hold all cash, then wait for a day rally, either Thursday or late Friday.” [http://ibankcoin.com/gioblog/?p=2088]
So you tell me, did I get it? Let’s see… the Dow rallied 1,000 points at one point today.
All comments and criticisms welcomed… from both fans and haters.
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Day traders scoring big today!
This is the Mother of all Volatility!
Thanks for posts Gio.
By the way, what did you go long on yesterday?
I have been sitting in all cash for the past couple of days unable to find the direction, its just too wild.
Hi rag… thanks for visiting. being in cash is the right direction. this volatility is best for day traders. however, I did manage to short SKF yesterday. who would have known, that the Dow would be down -127, while SKF is down -27. So, i guess I’m “long” by being “short” an inverse.
By the way… the PPT, iBankCoin’s software, issued huge sells on inverse ETFs, which matched my model. when the PPT intersects with my notes, then I feel much better about making the trade.
Already, the PPT has given me a +13% in one day.
More on this later.
The diff between the low and the high on the dow today was 1018.77
Crazy shit. I had my worst and best day trading today and in that order. Well not the best day all things considered, just the biggest trading gains I’ve ever had in order to scramble out of the biggest one day trading loss I ever had.
Gio
Youre the man!!! Great calls.
Enjoy the weekend.
-Ass Napkin Mike
Hi Ass napkin. Lol.
Gio,
Is solar dead? I do business with ESLR and visit the locations often. I have a lot of contacts there and really get to see the facility (behind the sene)and the exciting technology they have going on. The new plant being built (Fort Devins) is insane.
I know they havent showed a profit and got caught up in a deal with LEH. However, the company is for real.
If solar makes it through this downturn, they will thrive.
I would like to get in here at $3.40, but I dont know if its going to be dead money for the next year or two. I know all the talk about over supply etc. In my opinon I see maybe $1.00 to the downside and $5 on the upside.
What are your thoughts?
Thanks in advance,
Your market calls have been spot on and this site is the shit with you on the team.
You called it…thankfully I had some intuition of my own to buy off the shopping list…only now I’m worried of a very deep recession or worse….I’m looking for a short term bear market style rally up to 9100-9500 and then a retest of the lows and lower…
Paulson and Bush did not do much for me today…maybe we’ll get more ideas by Monday’s open…hang loose Gio.
Gio, you see that big red candle on SKF? Well, what that means is SKF is finished. It may retrace higher 50% or around $13 higher, but after that, it’s downhill all the way.
You better buy some OTM VIX NOV PUTS, that sucker is on it’s way down to $28.13___$28.13 exactly–not $28.14 or $28.12–It’s $28.13 exactly.
Are you serious?
You said the VIX was overbought at 40 about 5 days ago and that it was not sustainable. Check your own posts.
Since you said that the market has plunged 2000 points. If anyone listened to you and went long, they would have been BROKE!
Just admit it, you missed it and by a long shot.
yup, you’re right… i honestly thought the Vix would drop to the high 30s before making its second spike to the 50s. but if you’ve been following along, I said don’t make any trades unless Dow holds 9950 since we are in dangerous trading grounds. I even said there is too much weakness in the market to recommend any longs. Then I was recommending to readers to stay cash until late this week.
before you make any accusations and bring up a post, make sure you read all of them because they are important notes. I am a very dynamic trader. No one expected the panic to be as crazy as it was last week… not even you. but congrats if you shorted it… its easy too claim that once its all done and if you have no proof of doing so.
BTW, I called Vix to “high 40s even 50s” when the Vix was at 18. Since then the Dow has dropped over 4,000 points. I’d say I made a lot of people rich.
http://www.thehawaiitrader.com/2008/03/hi-dumb-shorts.html
http://www.thehawaiitrader.com/2008/03/this-is-for-you-blind-bears.html
http://www.thehawaiitrader.com/2008/04/vix-hit-my-sell-short-signal.html
… find me one other blogger who used the Vix like me and I’ll let them take my tab. 😉 jus kiddin.
Kona Ironman looks awesome today! Do you like that competition Gio?
I’ve been watching via webcast. ironman.com