I had a flat tire when I woke.
The markets took a pause for the most part today and although a calm, balanced day should be high on your expectations following a trend day today was borderline absurd. The first hour of trade is referred to as the initial balance. The probability of taking out neither the high nor the low during a day session is less than five percent over the last five years of data.
Today we witnessed a tape so benign it was special. I took a long at 10:30 AM, missed my profitable exit around 3pm, and scratched the trade break even at 3:10pm. You wouldn’t believe the frustration that trade produced. I mean, I look at a stock trade like RVLT, slowly bleeding the lifeblood from my person, like a particularly pestering mosquito. Eventually winter comes and it freezes and dies. But each /ES position carries a marginal value over $30,000…which is why I like my gratification instant. My algo, Elroi was dormant today. I expected as much since Elroi thrives in high velocity conditions. Bossram put me on the right side of the opening bell and I extracted 1.5 handles.
I beat my head against the urinal wall then ate several hummus treats.
I had quite the laugh when I saw my boss for the first time today and, I kid you not, he was wearing a full Canadian tuxedo. It was so majestic. The only wardrobe piece missing was a mystical wolf tee shirt. He also wasn’t rocking the official Canadian belt buckle. Needless to say, it was a clear omen from the stock gods and I sold the majority of my BBRY long. I’ve kept a 1/3 runner in case Wayne Gretzky makes a surprise move onto the board of directors.
The wires are reporting AMBA in fact beat expectations, as was written in these halls for months by our fearless leader, Senor Tropicana. As you know, I exited the position yesterday, but I’m still bullish on the name. The GoPro is as cool as RedBull these days.
I slapped on a pretty sizable SKF position into the bell. It seems in slight haste in hindsight, but I had just untethered myself from the /ES and found the action excessively befuddling. Therefore I thought it prudent first to sell one of my longs. But I looked at all of them, the little rug rats, and I couldn’t part ways with any. So I tossed on the SKF hedge.
I sold a little bit of YGE but I’m keeping a small piece just in case it keeps going.
I took nearly a full size position in CLF early on, it looks hot.
Time to go home.
