Closed out the shorts yesterday for some lunch money. Went for lunch, went home early and added lots of shorts mid day. All small positions. Here is the list ... its very very very long. =)
RBA
MMP
HXM
TPP
BRC
ORA
WBD
SPH
TLEO
LOGI
CF
GFIG
NVEC
HPQ
MMM
CKH
CNI
RSG
TSN
BNI
CNW
PRGO
TAN
WDC
WDR
ACGL
JNY
ARO
NEM
GEF
MET
EFX
ASH
BGC
ROK
IFN
DIOD
CTV
OI
CVLT
TIN
GLD
AEM
GMT
PL
CCO
BEZ
WMG
XLU
ISLE
DWSN
QZN SP
QZN TP
SRS
SKF
Yeah its long .... all of them short.
You sure that's enough...? Steve
ReplyDeletelol ... they all had such a perfect setup yesterday. Could not resist. Keep in mind there are another 50-60 I am looking to add soon. All of those are small positions with tight stops. Even if I add the other 60 it will expose me around 40% of my total capital.
ReplyDeleteThe rest of the chunk is tied up in high leverage that I am still waiting to add (futures and options). Only option I added was AMZN since broker did not have shares to short. That sucker is up 70% today lol ...
Nah, needs more shorts.
ReplyDeleteyeah .... I am still frustrated that I cannot commit real capital. Lucky for me I have learned to be patient and wait before I go in big.
ReplyDeleteFutures make up around 50% of my capital and that account has dust all over it. Pretty much only been trading with a handful of ES contracts for scalping.
waiting for 899 SPX now before adding a long. Otherwise waiting for 912 before adding more shorts.
ReplyDeletetaking a long here shortly. 899SPX, I think we get one last push down before we slowly grind up to possibly retest the open. But not seeing any upside today. Amazing breakaway GAP through support on MANY sectors. That SPY daily chart looks amazing.
ReplyDeleteToo bad I chickened out yesterday. Darn Holidays - the amount of times I have tried to short in a holiday week to get burned. This is the one time I held back here and we see a drop like this. Unbelievable.
Anyone who is still short from the 930 zone and did not close out. Congratz.
Is there a decent way to tell if you're looking at a reversal vs "background noise"? I'm guessing you use more than one indicator...reason I ask is I have a very dismal record .... I can usually escape (without profit), but cash is tied up for weeks at times....I should also work on my exit strategies...not yet comfortable with "stops". Steve
ReplyDeletegreat job Chris. I covered some of the option yesterday at close for fear fo 935 but still happy that i cashed in. will add shorts at 912 today. Holding legacy position on sds srs will cash in around july9 when we may see 862 or even 810 next week is real fire works.
ReplyDeleteSteve, difficult to answer. Depends (sorry had to). There are so many variables to consider that its kind of hard to write out.
ReplyDeleteThe stocks in the list above are pretty much, enter, set stop and forget about it for a week. If I did not get taken out after one week I will then look at gains, and move stops or exit by hand. Normally its always done through stops.
The SPX swing trades are a lot more involved in terms of determining entry/stop/exit. Not an easy task. Most of my money is in those SPX trades, stocks is just something that you can add to make some extra cash without having to worry about it. Some people are only doing stocks like the ones above, some purely trade SPX. Balancing it out gives you a nice edge in case there are no clear SPX trades.
Sam, do not think we will get there this fast. And for etfs you actually want it to drop slower to get better value from the ETF.
ReplyDeleteAs you remember, my first target is last week of July anywhere from 820-840 or so. 4 weeks from now =) Its going to be one crazy OPEX week.
Steve, another thing, take a look at the positions above. You can see why I took most of them, and stops are very easily placed. I would bet you that if you had to figure out my stops you will be pretty close to what they are set at the moment.
ReplyDeleteIf I have time this weekend I will update all positions with avg price and stop. So you can see my reasoning behind them.
fair enough Chris; thanks. I suppose if it were easy, we'd be retired instead of working at the markets. I've heard that even the "super" professionals are right only half the time, but they have strategies to exit the mistakes quickly. Steve
ReplyDeleteSteve, I'll try to make a post on this topic eventually. Its still haunting me too.
ReplyDeleteI am too emotional still when it comes to large trades. Hurts me badly since I screw up a lot. Small positions like the ones above. Super easy - get in when you get the price, set stop, forget about it.
You think its only a few bucks you can gain - but multiple that by 100 positions - pretty big money and NO emotional attachment.