Yeah it's pretty ridiculous. People seem to be fixated on Greece and keep forgetting about Italy's much much larger debt load.
Update on my trade from a few months ago... I definately didn't get in at the best entry point, but still ended up making this trade profitable. My clutchfans recommendations are now 2/2 with a 25% profit on the Dell recommendation and now a 43% gain on GMCR. Today SOLD GMCR Oct 95 Put @ 12.75 . Going on the sidelines for a day or two to find the next opportunity. Will post my next recommendation soon...
What made you want to cover today? I have no clue if there will be more downside, but that breakdown on the Ackman news was pretty strong.
I am still bearish on GMCR and see much more downside ahead on this bloated stock. The reason I covered today is because my option expires this Friday, so I decided to go ahead and lock in some profits, and I am planning to reposition myself for the next big move down on the stock. So yeah, still see much lower to go on GMCR, I just didnt want to hold my option with so few days left to expiration--exercise would have been nice, but didn't have the funds to cover the amount of put contracts I bought.
Fair enough, but like you said there are still 4 days left til expiration and you wouldn't need to exit the trade until Friday if you don't have sufficient funds to be short the stock. Also, the contract you bought didn't really have any extrinsic value left since it was so deep in the money, so decay of that premium wasn't an issue. This technical breakdown on the news today would seem to have been the move you were looking for initially. From my uninvolved perspective it seems like you are leaving money on the table, but I also understand things from your perspective since you were looking at a big losing trade just a trading day ago and it feels good to get green in a trade after being down in it. Either way....glad it worked out
Only penny scalpers like yourself care about day to day fluctuations. Like calling for a "breakout" the day before the stock drops 60 bucks the next week, thankfully no one here listens to you. Real traders graduate from that type of gambling eventually as they grow. Good luck to you.
I understand that I might be leaving some money on the table, but it was a move I felt I had to do. I didnt want to take the risk of a short term bounce that could happen over the next few days. After being down nearly 50% on friday, I ended closing UP nearly 50% today. So even though there is still possible downside, I'm happy with the end result - my account going up. I'll post my next trade on here, I'm looking to make some moves soon.
There you go again trololol! Where is AAPL now? Trends....how do they work??? It's funny how you talk such a big game, but I don't think I have ever seen you post the size you trade. How much AAPL were/are you short? It's also funny revisiting how you said 1230 was an absolute top in the market (one that you stated you couldn't even get close to full size in), yet we are very close to breaching that again. I did use that resistance for a nice trade in SPY and OIH, but I am halfway out. I think we move lower tomorrow (well hopefully cause I am short), but I am uncertain how much lower we can go in the near term. It feels like we are going to break that 1230 resistance and eventually meander slightly higher in this weak volume market. I hope we do cause it will set up for a nice trade since everyone has been playing that resistance. BTW if you want to check out how "penny scalping" is dead you should check out the pre-market chart on TQQQ. Yes that trade really happened and it wasn't broken. I was asleep at 7am :sad face:, but guys from my office and my old office bought hundreds of thousands of shares down there. The screw up trades aren't as frequent, but when they happen man they blow up. Apparently, it was a Knight Trading black box and they were asking for trade breaks....but no dice lol.
Covered the rest of my short as we broke above the morning low range at 115.30 in the OIH and 119.55 in the SPY. AAPL has earnings coming up and man people are too bullish on it. CNBC has a poll going "Will AAPL hit 400 or 500 first?" 68% of people say 500...kind of ridiculous.
I got back in short on the nasdaq earlier today... Apple missed estimates after the bell, along with a slew of tech companies reporting weak earnings. Looking like we'll be seeing alot of RED tommorrow.
Apple's miss was more about the 4s roll out rather than people not wanting to buy Apple. 4s sales have been titanic. Also, what slew of major techs reported bad eaprnings?
EDIT Yesterday it was LLTC, CREE, and JNPR that showed weakness after their earnings report. WDC and XLNX were a few I was watching for Today.
Yeah WDC is getting hit hard going into earnings and on the flooding in Thailand. I'm inclined to think it's all about the Thai flooding since STX has been doing well. But those other guys you mentioned did show some weakness. I guess I was just thinking about how INTC and YHOO had good earnings and IBM and AAPL's earnings were certainly solid, but had too much bullishness built into the stock.
