I only entered into the S&P futures once today, buying a pullback and attempting to inflict pain on the short sellers. The trade earned two handles on two contracts but once the sellers defended their territory, the land north of 1645, I backed off the action and simply observed.
I had a trigger right at the open to go long, but I was distracted buying weekly calls in NFLX and LULU. They’re both about flat currently, and I have the distinct feeling I may take some heat before these trades can play out.
I closed out that aching ACHN position, it could still pull off a Hail Mary bounce recovery, but I really don’t feel like sticking around to find out in this overall choppy tape.
I took a 1/3 scale in DANG up here near recent swing highs.
Now I’m essentially sitting on my hands, waiting for the market to play out.
A couple of my positions came very close to stopping out today, but the late-day strength managed to buoy the share prices of SNE and ACHN above where I wanted them. This can either be seen as good or bad, considering my nubile derriere is now exposed to the ghoulish villains from cell block six overnight. So I’m either deferring a loss or avoiding unnecessarily being stopped out. Either way, we stick to the plan, yes yes?
I was reminded by my good friend @elizamae via twitter of this old post concerning a very significant price zone. A price zone we tested today. How quickly my mind forgets old thoughts, I blame the ADD. Nevertheless, it’s worth a reread as we swim in these waters.
A humble tip of the hat to you, good sir.
The only other action today was buying some GOOG weekly calls near the LOD. I scaled one off and the other is nicely green and held close to my chest overnight. It’s mine! You can’t have it. I bought Google because it’s a support play, much like we’re looking for these prices in the big indices to behave as support. Therefore, I can extrapolate the index behavior out to the stock and allow the large tides to assist in dictating my decision process when drilled down to Google stock. Cool right?
My swing portfolio was down 1.2 percent today and cash levels are near 40 percent.
Do you like the transient manner in which I avoided today’s AWK dump off? After over two years of being invested in the name, benefitting both from the large coupon AND the capital appreciation, I simply cut it loose. This type of thing happens all the time over here.
Is it luck?
I’ve always considered myself lucky. I walked away from a pretty gnarly Cessna crash a few years back.
But it’s not luck. It is marrying the knowledge that matters and hanging out with it every night. It’s foraging through The PPT, aimlessly, for hours on end. Reading everyone’s commentary here sure helps. Pay attention.
Moving on to this landslide close, there’s your sell in MAY! That was 30 handles from the high of the day. I got stopped out of my NANO trade amidst the selloff, but my impunity in ES_F continued. I just had to try the mean revision, and actually made a point and a half going LONG mid death spiral.
I’m telling you, I should buy some lottery tickets for real today, I have the Midas touch.
After seeing the selling pick up tenacity I covered and bought some TZA. Who am I not to join gentleman RaginCajun on TZA? On this birthday!?! I had to. Plus it’s like my Ambien for the weekend. Quickly: Raul trusts no pharmaceuticals, hence his distrust for resident drug dealer @halfbloodpope. I’m really not sure why I’m talking in the third person, via my pen name.
Some of my stocks held up well considering the carnage. New long ACHN didn’t chit the bed, which is sometimes expected of newborns. DDD was ugly, but damn, I’ve seen worse. I’ll probably see worse come Monday.
I have the China PMI to look forward to this weekend with HMIN and DANG. And I have SNE. I even have a dash of NBG. I like taking my chips to another country and gambling elsewhere while the USA gets sold in May.
My cash rose to 30 percent.
It seems like June is going to whip about something awesome. I hope so. Enjoy your weekend, eat a good meal, make love to your wife, for we battle come Monday.
Fri May 31, 2013 12:01pm ESTComments Off on The Money Is Out There
Are you man enough to take it?
There’s a cloud of electricity around Sir Raul this morning as I trade with near impunity. It may just be these storms rolling through the D, turning the entire landscape to a shade of green that can only best be described as ELECTRIC.
Big, big day thus far. Let’s run down the moves:
10 trades in the ES, 10 winners. Flawless victory.
Sold 1/3 NBG at the open + 20 percent. My ancestors are treating me right. I’m a decedent of ZEUS.
Sold my NFLX lotto ticket at AM swing high, made a G.
Bought more SNDK lotto tickets, let it ride.
I closed out my RVLT. I never love this name and wanted my 5 percent gain. It could still go.
I bought ACHN from fly’s homeless post last night.
I bought SNE.
Let me elaborate on SNE. It has a bearish-slanted head and shoulders pattern. Very bearish. The NIEKKEI had a tough week. I think they’re going to drop the hammer on shorts. How dare they question their economic experiment! Japan doesn’t play pimp. This is my rebound play to get involved with the action.
I like my China names going into a weekend of Chinese PMI data. They’ll look to get global attention this week, I feel. I’m long DANG and HMIN.