Stock Market Day-Trading Discussion Thread

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[quote author="blackvault_cm" date=1227587683]Just sold half of BAC and CSCO calls...I'm loving this.</blockquote>


Thats a good idea. Why didn't I think of going half?!?! Ok, here I go!
 
[quote author="morekaos" date=1227575509][quote author="graphrix" date=1227276555]Holy sh*t! I can't believe what I am reading, both guys who have proven themselves on IHB to be right, morekaos and BV, are calling the mother of all short covering rallies. That's it! I am buying calls on the ultra long index ETFs. In a way I am being snarky, and in a way I am being dead serious.</blockquote>


So far this would have been a good trade.</blockquote>


Hope you covered



U.S. Stocks Post Biggest Two-Day Rally Since 1987 on Citigroup



<a href="http://www.bloomberg.com/apps/news?pid=20601084&sid=aCgQ.Md6Xq7M&refer=stocks">http://www.bloomberg.com/apps/news?pid=20601084&sid=aCgQ.Md6Xq7M&refer=stocks</a>
 
[quote author="usctrojanman29" date=1227573631]Ok gang, I sold 20 uncovered calls earlier this morning...Dec 5 BAC call options @ $.26 so about $500 in profit if BofA doesn't take a complete dump in the next 3 weeks.</blockquote>


You mean puts? If you sell puts you want the stock to go up...if you sell calls you want the stock to take a hit. Also, if you sold Dec 5 BAC call options for .26 can I buy as many as you are planning to sell? This gives me the right to buy BAC at 5 bucks and resell it immediately for 14. YUM!!!!
 
[quote author="blackvault_cm" date=1227622380][quote author="usctrojanman29" date=1227573631]Ok gang, I sold 20 uncovered calls earlier this morning...Dec 5 BAC call options @ $.26 so about $500 in profit if BofA doesn't take a complete dump in the next 3 weeks.</blockquote>


You mean puts? If you sell puts you want the stock to go up...if you sell calls you want the stock to take a hit. Also, if you sold Dec 5 BAC call options for .26 can I buy as many as you are planning to sell? This gives me the right to buy BAC at 5 bucks and resell it immediately for 14. YUM!!!!</blockquote>
Yeah, I meant puts...my bad. haha



Looks like the Feds are pulling out all the stops to try to keep the rally going. Futures turned on a dime when the Fed said they'd step in and buy mortgage backed and credit backed securities. Everyone, keep on eye out on the VIX...if we break below 56 (50-day moving average) we keep the rally going strong if 56 holds then it means the rally will fizzle once again. I have a slight call basis on the market.
 
Looks like the market may be running out of steam, especially the NASDAQ as evidenced by lower highs. I put a stop limit order in for my 10 calls for a decent profit and that position was closed out. I picked up 10 QQQQ Dec 28 puts shortly after. This trade was also made based upon looking at the advance/decline ratio on the NASDAQ which was negative from the start. There are slightly more declining NASDAQ stocks than advancing, but the down NASDAQ volume is considerably higher than the up volume plus oil dumped about $2 in about 15 minutes. For some reason, the DOW and S&P indexs are being subborn.
 
[quote author="morekaos" date=1227668364]Good to see you have all your fingers. Be very carefull out there.</blockquote>


Of course we have our fingers...I grew 4 extra limbs
 
[quote author="ocrebel" date=1227160537][quote author="ocrebel" date=1226803465][quote author="blackvault_cm" date=1226765024]



Right now my strategy is still to be short in the next month or so (or longer once more economic data comes through) but I'm also starting to build a long position slowly. For example, I purchased 2000 shares of Intel, 1500 shares of Arcerol Mittal, 200 shares of Burlington Northern and 500 shares of Best Buy and immediately wrote December covered calls to give myself some cushion. </blockquote>


based on my EW count, next week marks trade-able multi-month bottom.

Economy is in for a long and deep slump, ultimate bottom will happen in 2009.</blockquote>


I will start gradually buying SSO and UYG as soon as we break below 80 in SPY. I expect the bottom in 75~80 area. Once it's confirmed I will load up the boat. IMHO, the rally, though choppy and violent, will last few months into Obama's inauguration.

anybody cares to share his/her strategy?</blockquote>


waiting for a pull back to 80~82 on spy to buy-back sso and sell sds. spy is going to get to 100 by end of Jan. 2009.
 
[quote author="usctrojanman29" date=1225343369]Since there are a handful of you guys that trade and others who are curious to know what us traders do, I thought it'd be a good idea to create a thread for us to bounce ideas and strategies off each other.</blockquote> <span style="font-size: 13px;"><span style="color: yellow;">Does anybody Knows what company is good for real- time streaming quote ?</span></span>
 
[quote author="awgee" date=1228052481]At this point in time, I think oil is a good long and treasuries are a good short.</blockquote>
Oil may rally a bit, but until the dollar really starts sliding I doubt that any up turn in oil will hold especially as the economy sinks further into recession. I think oil bottoms around $30 to $40 per barrel and gas prices will be around $1.50 per gallon. As for treasuries, since the FED can not go much lower with their rate they will be attempting to bring down longer term bond yields. As I remember correctly, 10 and 30 year bond rates in Japan fell to about .50% at the trough so don't think we can't go lower.
 
OK, did everyone enjoy that short covering rally? I think it is officially over now. I am just bummed I didn't short Gold the other day at 840....blew it, can't get em all
 
[quote author="ocrebel" date=1227708899][quote author="ocrebel" date=1227160537][quote author="ocrebel" date=1226803465][quote author="blackvault_cm" date=1226765024]



Right now my strategy is still to be short in the next month or so (or longer once more economic data comes through) but I'm also starting to build a long position slowly. For example, I purchased 2000 shares of Intel, 1500 shares of Arcerol Mittal, 200 shares of Burlington Northern and 500 shares of Best Buy and immediately wrote December covered calls to give myself some cushion. </blockquote>


based on my EW count, next week marks trade-able multi-month bottom.

Economy is in for a long and deep slump, ultimate bottom will happen in 2009.</blockquote>


I will start gradually buying SSO and UYG as soon as we break below 80 in SPY. I expect the bottom in 75~80 area. Once it's confirmed I will load up the boat. IMHO, the rally, though choppy and violent, will last few months into Obama's inauguration.

anybody cares to share his/her strategy?</blockquote>


waiting for a pull back to 80~82 on spy to buy-back sso and sell sds. spy is going to get to 100 by end of Jan. 2009.</blockquote>


not perfect in timing, but still I caught most of the swing.

close to perfect timing needs more work on better recognizing intermediate EW. EW is the King.

I still believe spy is rallying to 100 (maybe 105~108) by the end of the year.
 
Got my ass handed to me for the tune of about $4,000 last week due to the erratic moves of the markets. When I was long on calls the markets dumped and when I was short on puts the markets surged (I was stopped out of my trades with stop limit orders so it could have been worse).
 
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