Throw it into Reverse
Monday, December 31, 2007 at 11:39AM I got short the ES0803 (S&P E-mini) at the open and caught about 10 points to the downside before covering. I was very tempted to reverse and get long about an hour ago based on the chart below, but decided I would rather not shoot from the hip to try and make money fighting trends like someone who knows WTF they are doing. Sometimes the trend takes it in the rear end.
This is a 20 day chart of the ES. I am using it to illustrate the support level at 1475. If it fails, look to grab 15+ points to the downside as we test the lows.
I bet you I would have made more money getting long at 1477 then I would have made on the short side.
What did you do today?
Reader Comments (21)
Jeff,
Happy New Year!
I fought about keeping my GCI puts. I don't care for it as a downside play anymore. I also picked out some engagement photos or face the wrath of the future wife.
*thought not fought.. sigh..
Today? I am losing money, but that's no different from any other day. I honestly think that I am a contrarian indicator, everything that I touch turns to B.S.-ittery!
I got the Murphy book for Christmas and now that we are finally home from traveling, I can read it. This new year has got to be better than the last.
OK, I lied, I am making $12.50 now.
Laney... I with you. As I look at the google sponsored ads to the left of my screen "How to turn $10k into $1.2 Mil with options" I wonder if this is not just an expensive hobby. But I am optimistic, until I bust the bank, then I'll just have to go back to selling real estate.
Laney, Mike, I'm right with you (but I'm still selling real estate). I thought I'd close out the year on a positive note but noooo...I had to go and enter a couple of positions on Friday. After making sure I'm carefully balanced, bullish and bearish, I am watching as everything seems upside down today.
Just stopped in to check the blog and low and behold:
Laney,
you and I must be in the same boat together. This year has been good up to Nov. and Dec. and then everything I touched also turned to BULL-SHITTERY!!!
I even stepped back in positions and contracts but to no end every thing turned to dust. So now the tedious job of breaking down the last 2 months to examine what went wroung and to make it right because 2008 has to better than this year because I FOR ONE WILL NOT GIVE UP.
Happy new year to all.
Jeff,
I would love to tell you that I took the bounce on the Spooz E-Mini and I was playing it long now. But I didn't.
However, since I typed the term Bullshittery on the Blog my account has done a reversal and has taken back much of my initial losses from ealier in todays session........ahh the joy of waiting till the close to exit!
Wow wouldn't it be odd if the market finished up today??? KBH is going to, that is weird??? I came this close to buying this place but I heard Hop a Long Cassidy killed himself here, bow and arrow......that is very weird too!
I just think this market is weird that's all!
Cheers,
Arty
Am I crazy for wanting to buy puts on GS as I see it running up to resistance? I see really nice desc. tri forming but rather than wait I see an early entry here as a bounce down play. Tell me why I shouldn't do this.
Doji, Mike I'm still selling real-estate to :(
I guess I get the BULL-SHITTERY award today... I am 60/40 bearish/bullish and ALL of my trades went the wrong direction today, down over 7%. :-( Yikes...
2008 has got to be better. Happy new year to you all.
DG,
I don't think you are crazy but I think there may be a better entry later on GS.
Grace,
I have had one of those days too. I am no where near any of my exits but everything just seems to be going against me.
Cheers,
Arty
CLEAN CUPS!
Laney, Mike, Wahly DG, et al,
Same here. I was doing great until the last FOMC meeting. Found myself on the wrong side of that move really badly. Then I developed the sadim touch. I have made some recovery since then and am finishing the year (well 5 months) up, but the last 2 months really hurt.
Krystal.....I was savoring the moment.....the first time I was going to type it......then I wanted to make sure no none had posted a comment on the new thread.....then boom....CLEAN CUPS....well maybe next time!
Cheers,
Arty
A Krystal CLEAN CUPS!
So nice to see.
Laney, Doji, Wahly, Mike,
If it's any consolation I'm struggling right along with you. I've learned so much this year but my account is down. I'm toiling and toiling to find my groove. My rules are written down, I review my trades and study study study. I'm still doing my day job as well and it really gets in the way of trading.
We're going to round the corner, it's just a matter of when.
Arty, kisses! You, too, jym-bo!
Call me crazy...I bought MBI 17.50 jan puts today. I am hoping that this thing goes to 0 quickly! Please let me know if you think I am stupid?
Also picked up some VIP and CNQR calls and FTEK puts.
Happy new years OA's
Hello Jeff,
Happy New Year. Today I got out of a profitable trade on TLT and bought some puts of FTEK. Thank you for all of your education and tips. I learn a ton by following your Blog. (And make some money too since you chastize us if we don't take advantage of the nuggets you toss out. You are awesome.
I wish you and your family (and all of my fellow option addict followers) a very Happy New Year!