Ouch! Enter the whipsaw. I had very little read on the market today. We were up a little over 100 on the Dow, and I was thinking we’re going higher. I don’t know, I just felt, if the bears had an opportunity, they should have done so last Friday (they tried, it died). So anyway, I went long FAS almost near the TOP of the market, and that didn’t go well. So, shorted it on the way down (held both long and shorts in FAS for about 5 minutes) and that turned out very well. Did so again near the close and that was better…
But still, what a crazy tape. There was no fear or greed on this tape, so I ditched the VIX before lunch and asked some chartists, like Chart Addict, for direction… but he was “scalping like a mofo.” Okay, that’s fine- so was I, and about every other daytrader on StockTwits, but trust me you don’t want to get caught trading this way.
In the long run, you will lose.
With that said, I still have a slight bullish bias- in my swing trades I covered NFLX ahead of earnings, and added to TNA (saw that one go from +8% to 0% intraday), and began shorting some gold which will probably come out a loser since I’m aiming for near the end of the week to get full position.
Still testing the market here, but from my experience, stupid markets tend to go up so I will continue to build a long position on the dips.
Picture on the top are ATV helmets on a pineapple field. We went quading this weekend on the North Shore in a giant dirt pineapple field. The ride was so fast, bumpy and exciting- kind of like today’s tape! I didn’t take any pictures of the activity because I was busy kicking up dirt on the track. I road a 90cc Yamaha Sport Quad- Put it in 5th gear and you’re gone!
aLoHa!
-gio-
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How did the waves look up on the North Shore?
gnarly.
I love the north shore. Stayed at Turtle Bay Hilton twice, all smiles.
Note to self: Next time staying at Turtle Bay Hilton, decline “pig roast dinner” offering.
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Never saw the waves, but had choke people with surfboards on their roof racks, so must of had nice sets. kind of cold though right now.
Turtle Bay is for horny honeymooners.
That ride was so rough, i broke my BlackBerry. and my ribs, knees, and back hurt. can’t wait to go back!
Yes, in the long run, people will lose.
It’s fun only once in a while.
There is that famous red dirt….I think the markets will be eating some soon….JMO….keep on hauling…..
I wish I could be cold in tropical weather instead of being cold in the NE weather. I could never be near the beach and not check the surf, but then again I haven’t lived in Hawaii my whole life either…
eat red dirt. lol. i’ll be sure to use that in the future.
oooooh NFLX up afterhours. will re-short this for a swing trade. barely took out today’s highs. keep an eye on them tomorrow.
Gio- Could it be that people are renting movies more, now that they are unemployed ? Just like education stocks.
Gio, good VIX post for you:
http://evilspeculator.com/