I love days like this. A general observer of the markets may pull up a chart of the $COMPQ and surmise the day was a nonevent. But inside the matrix, there was money flowing all over the place and often with strong currents. Another month in the books October is, and everyone
wants needs to be right into year-end.
It was an exciting day for me because the market offered many opportunities to exhibit my swagger during the iBankCoin open house. If you tuned in to the 12631 chat room today I have to be honest and tell you I don’t always make so many moves and today was certainly an exception to the norm.
The day started off on the wrong foot because the pitter patter of rain kept me sleeping too long. I arrived at my office and jogged to my desk only minutes before the opening bell. My morning work had me wanting a short and I had my offer in the market right as the bell rang. I caught a quick move lower in the /NQ, then a long, then another short. All were winners. I may have said this before gents but last night I had a massive epiphany in futures trading. Suffice to say, it is a post for another day.
I sold my SLW very early. I should have followed @chessNwine’s cues I suppose, but I march to my own drum and thought it had upside potential still. The morning gap lower made it clear I was wrong. I cut the loss early, and I am glad I did because it continued to slide all day long.
I scaled off some GOGO on the morning rip too but it is still my largest position. I WAS huge long (15%) yesterday because I knew I wanted to be full size into the weekend, but that I should be scaling some profits at this logical level. This adding then trimming is a new process I have been refining. I did the same to ONVO last week.
The dynamic surge in buying activity around 11am piqued my interest and I wanted to get my cash position to work as early as possible to take advantage of potential new money flows entering the market tomorrow aka mutual fund Friday as Option Addict calls it. Last night I created a metaphorical drug reference which explained why I sold SCTY and would be buying TSLA. Did you catch it? I bought TSLA first.
Then I bought all of my PPC shares back, lol. I could not ride into earnings and I fully accept missing 2% of the upside because this stock is going to run all the way to the New Year. Top pick #timestamp that.
I bought BALT. Many a good trader have strong conviction in this name so I consider these discounted prices a gift to ride their coattails with reduced risk. Also it came into my favorite ema, the 99, and made the turn. That’s my honey hole. This took my cash down to 5 percent.
I would have stayed put, but I saw the indices developing a bit of excess supply. Before too long the sellers were pushing very hard on the tape and I had to respect the action so I scaled my ONVO position down to half size. I gave my entire book a hard look and wasn’t able to sell anything else. I need charts to prove me wrong or hit targets otherwise action is futile.
Net-net, I made a few bucks so far this week but nothing to write home about.
This brought my cash up to 10 percent into the bell and now it is time to celebrate Halloween by consuming exorbitant amounts of cider and Appleton’s rum while watching scary movies and passing out eCigarettes to the neighborhood bastards who toilet papered my trees last night.
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