2 UPDATED: fixed some grammatical errors… idk, that shit bothers me.
Went Short BIDU when it broke the 106 level that everyone was screaming about and then avged up into the position, but when it kept going higher and today when the jobs # came out, it gapped up even higher. i was watching the tape the entire time to identify a place to sell my position, but i didn’t when i saw the heavy supply come in and BIDU just couldn’t get higher; especially with the two other major tech boys going down faster than any hooker i’ve ever seen. KAPLOW! BIDU gives EVERYTHING back within 20 minutes and I was par. I didn’t cut my losses when i identified the buyer @ .90 trying to hold the stock up and so it went up for a bit but later failed during mid-day and went another point lower due to 162k of accumulation puking. I don’t know who was buying, but someone was and I think they got fucked so bad that they puked .40 immediately and then he tried to buy more at the .50 but he got screwed royally and he tried to accumulate more EOD at the 105 fig.
the buyer accumulated 80k from 9:50 – 10:35am.
Then the second time before it failed, he accumulated about another 80k at 1:20-1:25pm but it didn’t workout so he let it drop to the half and he got another 107k before letting it drop to the 105 and buying another 395k there.
This guy is really trying to work his order in even if the market is going against him but if the market doesn’t go well, this guy is going to have to puke really bad just from buying about 664k today.
LOW made 52 highs today and it broke out from .29 (old highs) all the way to .63, but i let it pull back instead of taking immediate profits b/c this is a swing and not a day trade. I still see the cup and handle forming with the catalyst of Sandy making ppl think that this retail is going to perform awesomely from the damages it has done.
Also i am keeping an eye on the correlation between financials and tech sector; that’s another reason why i held my BIDU short even though i was ~1.5 out of the money.
XLK also pierced through the 200MA without any hesitation; this shows weakness to me in the tech sector.
Finally, the SPY gapped up higher today from the good jobs # on hiring, but it hit resistance when it touched the 50MA and 21MA and pierced through the micro support levels that I have drawn. This is not good considering we had a few days of consolidation and when the bulls tried to take control of the market to get away from the consolidation area, it got wrecked trying to go higher. Since the election is around the corner, next week, I think it will chop around the micro levels here until one of the candidates wins.
From what I am hearing, if Obama wins, sell equities and if Romney wins, sell bonds.
refreshing buy in $low @ .90 i went long 5 pieces.
— The Joker (@xkneelb4mex) November 1, 2012
$BIDU that flush up avged my short @ .91
— The Joker (@xkneelb4mex) November 1, 2012
2 Responses to “Weekend Trade Recap”
RaginCajun
How did you put the tweets in the bottom of post like that? I like it.
good stuff.
RaginCajun
found the embed feature. got it.