Stealth Trading

Last week I was trying my best to call out my futures trades in the 12631 chat room because I often get the value added benefit of hearing other members’ take on the position.  However, it became increasingly stressful to provide timely updates on my positions and manage the trades.  I thought I traded last week in 100 percent accordance with my plan.  As a matter of fact, I did not.  Upon reviewing the tapes of my trading, I found a costly mistake was made during the fast markets on Friday.  It was my largest losing trade of the week.  It was managed properly, once entered, but it was not in proper cycle sequence.

I decided at that point to keep my futures trades to myself.  I do this for two reasons.  First to benefit me by giving myself a more clear mind when trading.  Second, I want to build my confidence in the trading cycle before I present it to the good people of iBankCoin.  My colleagues all provided the finest value added commentary, and I want to provide the same.

Today was a quiet session after gapping higher in the indices, but I was able to extract 3 handles of profit from the /ES using Bossram.  I extracted another 0.0012 in the /6e, so overall I had a pretty solid day in the futures.

Onto stocks, I built a pretty solid day in my swing portfolio.  CLF showed solid follow through today, but I took a scale, reducing my long to ½ size.

I finally closed out END, toward the end of the day, when the momentum ended.  This was a huge position of mine, one I wanted to parade down the warm streets of victory lane.  Instead I chewed off the bits of meat left on the bones and tossed the carcass into an alley.  I made five percent, at one point nearly nine percent, and expected to make twenty.  But with international sweetheart Vladimir Putin putting a damper on the war, my thesis is eroding.  I took money while it was still there for the taking.  I like MHR better anyhow.

I was watching the live bloggers at CNET cover the AAPL WWDC and when they mentioned Apple would be using sapphire in their latest iPhone’s fingerprint sensor. I queued up GTAT and RBCN.  I like both very much as part of my hedonistic desire to own all things LED, so the AAPL news was more an excuse then a pure catalyst to put sapphire back in my book.  I took down shares of RBCN mainly because I like the chart better.  GTAT is coming into longer term resistance here at seven as I mentioned yesterday.  RBCN has a nice pocket of volume above and a simple-to-define risk.

My final move on the day was pure stock market vagrancy: I bought a stupid amount of MJNA shares.  The ticker came to mind during a discussion with The Rhino.  He was discussing Funyuns which reminded me of Half Baked and before I knew it I went down to the corner and bought MJNA.  The chart looks interesting to say the least.  To say the most I see really heavy volume coming in.  Perhaps Doctor Phil is about to discuss the benefits of cannibals for bored housewives or something…

I’m down a smidge today, I kept my SKF on, and I’m still about 25 percent cashish.