An egregiously busy day, first at work, then with a full slate of ‘programming’ at night.
Time for a quick summary of a crazy day in the markets…action like today does not fit well with my set-it-in-the-morning-check-back-later-type of trading that I prescribe to. Such wild swings tend to result in top- & bottom-ticking the price action and getting stopped out before positions have a chance to hold on to their gains…
I felt highly undecided about the market this morning, so limit orders were set on both calls & puts. This is in contrast with most days where I pick a direction I’m comfortable with and set orders in just that direction (+ straddles/strangles).
DP Buys:
- Straddle on [[CSUN]] for earnings. A poster boy for the schizo market action, CSUN went from +10% to -10% in the space of minutes, getting a healthy boost in volatility. They report tomorrow morning.
- Managed to bottom-tick some [[MGM]] puts. Literally. True story. Printed a doji for the day & the downtrend holds.
- [[CTRP]] calls near-top-ticked today’s action. Uptrend is holding.
- [[CALM]] puts filled just before the close. These are actually in the green, probably due to the trading day running out of time to flip direction one more time. CALM chart showing resistance @ $35 as well as an ascending triangle:
DP Sells:
- [[XL]] puts stopped out as the market ripped higher. These have been dying a slow death since last week. Will look to get back in (under $35) if the general market turns south.
DPZ ….where do you see CALM going, I was gunna go long at 35???
Yeah, there is definite support/resistance at that level. I was initially looking for it to break above $35 as well.
But it failed to do so last week, so I put in a limit order for puts, going the other way, below Friday’s lows.
Should the uptrend from April’s lows hold, I will flip this around and wait for a breakout from the ascending triangle.
I will update the post with the CALM chart.
big day tomorrow Dpeezy. Looks like makelele took out cashley cole in practice today. sorry about that.
in your review post tonight, make sure you tell everyone not to make any posts about the score of that game until you do. i’ll be watching on tape delay.
I’m already a ‘bundle of nerves’. Can’t even think straight.
Come on you Chels! Bridge is a good enough replacement for Cole. The game will be won/lost in midfield, anyway.
big day tomorrow Dpeezy. Looks like makelele took out cashley cole in practice today.
I bet he threatened to scratch his eyes right out in retaliation.