Wow
Despite this being the suckiest market day in quite some time, it was my best day trading so far. I managed an 8.77R gain. It could have been more, but both stocks spiked around 3:30pm and stopped me out before they continued downward. Oh well, I'll take what I can get.
Unfortunately my two highest "R" gainers for the month came on trades where I risked half of what I normally do. The first was the result of my fear of more losses, the second was today on AIV (chart above) where I only got a partial fill. I decided not to chase the stock and canceled the remaining order--crud.
I honestly thought that the market would capitulate at 3:30pm and come roaring back as the bargains were snatched up by the big players. I was pleased to get out of my trades quickly despite losing 2R in the process. Better safe than sorry.
I'm not sure where this leaves us. Is the selling finally over? I have no clue, but I think this day was healthy for the market. We didn't have any "rescuers" today, and the market was allowed to adjust on its own. It's about time.
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3 comments:
I had one of my best days trading today. I was short financials mostly. This is the worst return environment for the average long/fund investor. The financial malaise is turning into a huge withdrawal of consumer credit which will be a year in sorting out.
AIG bankruptcy is going to be very bad. A flyer is to by the Oct 15 calls or 10 calls and if Fed gets and IBank to facilitate the loan pass-thru to AIG, you could see a gain.
Good luck and nimble trading!
Scott, are you selling short on these because of the bear market flag? Did you get in at the green arrow?
Yep--I shorted them at the green arrow and covered at the red.
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