Stock Market Day-Trading Discussion Thread

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Our government never seems to disappoint. News that they will likely raise their....errr our stake to 40% of Citi. Just short of nationalization! YAY!

Anyway, this is the news I need to push my CSCO and CSCO calls higher. I'm really itching to sell some calls...
 
[quote author="BlackVault CM" date=1235396384]Our government never seems to disappoint. News that they will likely raise their....errr our stake to 40% of Citi. Just short of nationalization! YAY!

Anyway, this is the news I need to push my CSCO and CSCO calls higher. I'm really itching to sell some calls...</blockquote>
Didn't you know, Citi is AIG 2.0 (aka a bottomless money pit).
 
My virtual retirement accounts just got reset back to their initial levels. Good thing I put all my money into SDB.
 
Dumped all my CSCO shares, and replaced them with call options. (tripled my previous position) Same upward potential...but less risk at capital. We can't go down on a 90 degree angle forever...or can we?

damn it, just give me a 200-300 pt pop...then you can go back down!
 
Holy CRAP! I just took at look at my DOG shares. I purchased a few about a month ago at 71.50... not a bad gamble afterall. Time to dump them?



-bix
 
[quote author="BlackVault CM" date=1235455785]Dumped all my CSCO shares, and replaced them with call options. (tripled my previous position) Same upward potential...but less risk at capital. We can't go down on a 90 degree angle forever...or can we?

damn it, just give me a 200-300 pt pop...then you can go back down!</blockquote>
Yeah, CSCO took a big drop below $15. What's the next level of support? I'm concerned about short covering rallies because we are oversold and I don't want to be left holding the bag because I can't keep an eye on my trades since I'm back working. I need a nice huge bear market rally so I can pick up some puts that are 3-4 months out.
 
Well few indicies penetrated below Nov lows...for those...there is no relevant support. Others are still trying to hang on. I hate being in these positions, I have about 4 bullets left to fire (cost average) before this turns around.

I would really like a 400-500 pt drop tomorrow so we have a wash out. Then I would be more comfortable in doubling my call position. I just don't like it because right now around 6% of my capital is in CSCO calls. If this market heads lower, I will have to up that to 10-12% of my capital. I really don't like doing that because if I lose that...I whipe out most of my gains the past two months. I really like taking little profits at a time vs. putting a huge amount of capital to work at once. However, if CSCO moves back to 15.50-16 range...I could end up making a huge amount due to my exposure.



Sink or swim I guess.
 
[quote author="BlackVault CM" date=1235473309]Well few indicies penetrated below Nov lows...for those...there is no relevant support. Others are still trying to hang on. I hate being in these positions, I have about 4 bullets left to fire (cost average) before this turns around.

I would really like a 400-500 pt drop tomorrow so we have a wash out. Then I would be more comfortable in doubling my call position. I just don't like it because right now around 6% of my capital is in CSCO calls. If this market heads lower, I will have to up that to 10-12% of my capital. I really don't like doing that because if I lose that...I whipe out most of my gains the past two months. I really like taking little profits at a time vs. putting a huge amount of capital to work at once. However, if CSCO moves back to 15.50-16 range...I could end up making a huge amount due to my exposure.



Sink or swim I guess.</blockquote>
Yeah, the worst thing right now is the slow bleed of the market going slowly down. I want a nice big panic washout so I can pick up a few stocks like CSCO, INTC, MSFT, to ride them up for a bit. Then bailout and wait for the bear rally to run its course. I'm hoping that we get the bear market rally in the summer and we head lower in Sept/Oct. I just can't stand how whenever CNBC reports some BS story about the gov't trying to prop things up you get a knee jerk short covering rally that doesn't last long.
 
Right on. I would suggest you pick them up, then at whatever point you decide to sell, just write some calls against it locking in your gains. Then slowly se-saw your way down and let calls absorb the losses. That is my goal, I'm just not getting the pop I need.

When do we do lunch? I owe you one. You said if I lose money, lunch is on you. I didn't...made like 30 bucks (lol), so we have something to work with.
 
These are not exact, just approximations. But R1 support didn't hold and R2 was a cake to blow through bringing us to new lows. If we have a rebound, R1 will be our new resistance now.



If we get a bounce in the next couple of days, we'll hit a wall around 7800-8000 level. If we don't...I wouldn't be suprised to see a 500pt drop over next couple days pushing us to 6500 before we get that pop. Either way, I think a pop is due (i hope) but long term this goes further south. I would guess the 500pt drop would happen, since the stochastics haven't bottomed yet.



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Also, there is plenty of economic data coming up, last week of relevant earnings, and expectation that geithner/bernanke will give something to cheer about. So should be a volatile week either way.
 
[quote author="BlackVault CM" date=1235474518]Right on. I would suggest you pick them up, then at whatever point you decide to sell, just write some calls against it locking in your gains. Then slowly se-saw your way down and let calls absorb the losses. That is my goal, I'm just not getting the pop I need.

When do we do lunch? I owe you one. You said if I lose money, lunch is on you. I didn't...made like 30 bucks (lol), so we have something to work with.</blockquote>
Looking back on things now, we should have picked up some March $12.50 calls and maybe a few hundred shares. The stock was showing a lot of strength today despite the down day today. Goes to show when you see HUGE option action someone knows something.
 
You kinda wanted to know where the next resistances were SC. 7500-7800 was crucial resistance built over a decade. It's gone now and next stop could be 4K!



<a href="http://1.bp.blogspot.com/_vklbObTSbIQ/SaN2gRke1NI/AAAAAAAAAG4/9cI07qHp77o/s1600-h/historical+dow+tech.jpg">Historical Dow Chart</a>
 
[quote author="usctrojanman29" date=1235472718][quote author="BlackVault CM" date=1235455785]Dumped all my CSCO shares, and replaced them with call options. (tripled my previous position) Same upward potential...but less risk at capital. We can't go down on a 90 degree angle forever...or can we?

damn it, just give me a 200-300 pt pop...then you can go back down!</blockquote>
Yeah, CSCO took a big drop below $15. What's the next level of support? I'm concerned about short covering rallies because we are oversold and I don't want to be left holding the bag because I can't keep an eye on my trades since I'm back working. I need a nice huge bear market rally so I can pick up some puts that are 3-4 months out.</blockquote>


I don know about CSCO, but looking at the S&P chart, it is not oversold and the next support is ...
 
[quote author="awgee" date=1235479919][quote author="usctrojanman29" date=1235472718][quote author="BlackVault CM" date=1235455785]Dumped all my CSCO shares, and replaced them with call options. (tripled my previous position) Same upward potential...but less risk at capital. We can't go down on a 90 degree angle forever...or can we?

damn it, just give me a 200-300 pt pop...then you can go back down!</blockquote>
Yeah, CSCO took a big drop below $15. What's the next level of support? I'm concerned about short covering rallies because we are oversold and I don't want to be left holding the bag because I can't keep an eye on my trades since I'm back working. I need a nice huge bear market rally so I can pick up some puts that are 3-4 months out.</blockquote>


I don know about CSCO, but looking at the S&P chart, it is not oversold and the next support is ...</blockquote>


You're right...It's not oversold. CSCO follows the market to an extent. So its a prisoner of the market itself.
 
I think what I'm going to do is instead of rebuying CSCO and sell calls, I'll just sell calls against my calls I bought.

Not sure why this didn't dawn on me before...this should be easy as pie. If Csco moves to 15-15.50 range, I'll just sell March 16 strike calls, and create a spread.
 
I'm down almost 10% today... worst day ever. All I want is one day where the market and gold go up together, market finally goes up, but gold tanks BS!!!!! Just gave back 25% of my YTD profit in one day, THE BEST!!!
 
[quote author="upperlowerclass" date=1235530891]I'm down almost 10% today... worst day ever. All I want is one day where the market and gold go up together, market finally goes up, but gold tanks BS!!!!! Just gave back 25% of my YTD profit in one day, THE BEST!!!</blockquote>


Sorry to hear it man. At least you didn't lose money if you "gave back" profits. Could be worse.
 
[quote author="upperlowerclass" date=1234911524]Heh I scrapped the bottom of the MM account barrel and tossed it in DXO@2... its gambling time</blockquote>


OUT 2.05 I had to move money
 
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