Stock Market Day-Trading Discussion Thread

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"Following on the circumstantial evidence track, as Zero Hedge pointed out previously, over the past month, the Volume Weighted Average Price of the SPY index indicates that the bulk of the upswing has been done through low volume buying on the margin and from overnight gaps in afterhours market trading. The VWAP of the SPY through yesterday indicated that the real price of the S&P 500 would be roughly 60 points lower, or about 782, if the low volume marginal transactions had been netted out."

Look Out
 
Knife Catcher said:
what to do with my naked calls on WFC and MET? :|
Click to expand...

You wrote naked calls on WFC and MET? So sorry to hear that. You do read this thread... don't you? Sorry, not trying to be an ass, but WTF were you thinking when mark to market rules were changing and the AIG CDS payouts that would be hitting the balance sheets? I mean... I posted some great chartpr0n to go with it.

I hedge some by writing puts but the earnings week could make me lose some serious money.
Click to expand...

If you wrote puts on the banks for April, then you should be fine. If you wrote them for May... then you could get hurt, but not likely. If you wrote them further out, then you might want to buy them back when the price is right.

I'm scared, I really feel like you are letting emotion run your trades. Emotion = broke in five seconds flat. You need to snap out of it, and let the technicals run your trades, not emotion. I hate the banks, but I will not let that stop me from making a profit on the way up.
 
Picked up 20 SSO April $21 Calls @ $1.60 this morning because up volume was way higher than down volume and I figure we might get a pop (I'll be closing out of this position TODAY). I also picked up 20 INTC May $15 Calls @ $1.39 yesterday because they were cheap compared to the April calls and there was huge call buying activity in the April $16 and $17 calls (which may mean an earning beat this afternoon). Also sold 30 uncovered puts on FAS April $7.50 puts @ $.30.

I've made more money the past month than I did for all of 2008. Special thanks goes out to BV for his BAC suggestion (the gift that keeps on giving this month).
 
graphrix said:
Knife Catcher said:
what to do with my naked calls on WFC and MET? :|
Click to expand...

You wrote naked calls on WFC and MET? So sorry to hear that. You do read this thread... don't you? Sorry, not trying to be an ass, but WTF were you thinking when mark to market rules were changing and the AIG CDS payouts that would be hitting the balance sheets? I mean... I posted some great chartpr0n to go with it.

I hedge some by writing puts but the earnings week could make me lose some serious money.
Click to expand...

If you wrote puts on the banks for April, then you should be fine. If you wrote them for May... then you could get hurt, but not likely. If you wrote them further out, then you might want to buy them back when the price is right.

I'm scared, I really feel like you are letting emotion run your trades. Emotion = broke in five seconds flat. You need to snap out of it, and let the technicals run your trades, not emotion. I hate the banks, but I will not let that stop me from making a profit on the way up.
Click to expand...
So Graph, do you think like I do that the banks will be taken out back and shot in the second half of the year (particularly Sept and later)? I think they might even beat 2Q09 earnings. They are running a nice smoke and mirrors with the earnings beats, but commercial real estate, credit card, and business loans are ticking time bombs. When it's time to be bearish, I'll be picking up calls on SRS and FAZ.
 
usctrojanman29 said:
Picked up 20 SSO April $21 Calls @ $1.60 this morning because up volume was way higher than down volume and I figure we might get a pop (I'll be closing out of this position TODAY). I also picked up 20 INTC May $15 Calls @ $1.39 yesterday because they were cheap compared to the April calls and there was huge call buying activity in the April $16 and $17 calls (which may mean an earning beat this afternoon). Also sold 30 uncovered puts on FAS April $7.50 puts @ $.30.

I've made more money the past month than I did for all of 2008. Special thanks goes out to BV for his BAC suggestion (the gift that keeps on giving this month).
Click to expand...
Closed out the 20 SSO calls @ $1.90. I might buy back in later on today.
 
thank god for the MET WFC pull back. I made like $1200 and closed the suckers out. I really didnt want to buy the shares with four days left even if i could make more money. Nothing shoots straight up without a slight pullback.

I was long financials but sold all my physical shares before earnings.
 
usctrojanman29 said:
usctrojanman29 said:
Picked up 20 SSO April $21 Calls @ $1.60 this morning because up volume was way higher than down volume and I figure we might get a pop (I'll be closing out of this position TODAY). I also picked up 20 INTC May $15 Calls @ $1.39 yesterday because they were cheap compared to the April calls and there was huge call buying activity in the April $16 and $17 calls (which may mean an earning beat this afternoon). Also sold 30 uncovered puts on FAS April $7.50 puts @ $.30.

I've made more money the past month than I did for all of 2008. Special thanks goes out to BV for his BAC suggestion (the gift that keeps on giving this month).
Click to expand...
Closed out the 20 SSO calls @ $1.90. I might buy back in later on today.
Click to expand...
Bought 10 SSO calls @ $1.35 about an hour ago and will hold overnight (which I don't like doing with only 3 days left but there is almost no premium in these calls).
 
Knife Catcher said:
what to do with my naked calls on WFC and MET? :|

I hedge some by writing puts but the earnings week could make me lose some serious money.
Click to expand...

Someone tell me what is wrong with the bolded words...don't know?

They don't F'ing belong together.
 
BlackVault CM2 said:
Knife Catcher said:
what to do with my naked calls on WFC and MET? :|

I hedge some by writing puts but the earnings week could make me lose some serious money.
Click to expand...

Someone tell me what is wrong with the bolded words...don't know?

They don't F'ing belong together.
Click to expand...

Guess he is talking about a partial hedge and the unhedged position would hurt him.
 
morekaos said:
I did this friday but thought some here might find it interesting..

Happy Friday!! Something to chew on this weekend as both an idea and to lend some perspective. I chose four of our countries most prestigious industrial companies. Names you are probably familiar with. In fact two are still in the Dow Jones Industrial Average. Together they have a combined gross revenue around $292 Billion dollars. You could buy all 4 companies in proportionate $5000.00 pieces ($20,000.00 total investment) today and capture all that revenue, earnings and growth. Even if some should fail, most will survive and thrive, these four names are important industrial components. To put this into some perspective of the overly dramatic tone in today's markets I calculated the cost of purchasing these very same names six months ago to the day. I think you will find the comparisons interesting.

Company Quantity Date Price Cost Date Price Cost

GE 530 3/20/2009 9.30 5067.86 9/19/2008 26.62 14,354.67

Alcoa 800 3/20/2009 6.31 5208.42 9/19/2008 26.79 21,777.90

International Paper 720 3/20/2009 6.92 5136.04 9/19/2008 28.92 21,157.13

Dow Chemical 650 3/20/2008 7.63 5107.66 9/19/2008 37.56 24,774.67

-----------------------------------------------------------------------------------------------------------------------------------------------------

Total cost $20519.98 (today) $82064.37 (6 months ago)

What a difference 6 months makes huh? I think this both illustrates the disconnect between pricing and reality but also highlights the significant opportunity that panic can present us. Something to think about. Have a great weekend!!
Click to expand...

If you are a trader I might take profits

4/17/09

GE $6503

AA $7320

IP $6300

DOW $7741

$27864 38% in 4 weeks
 
Check out the GS calls .. Hefty premiums. Selling 10 naked call contracts with a strike price of 130 in May gives you like $5k.

It was as high as $5.80 today. I was about to pull the trigger but the market has been so bullish lately.
 
morekaos said:
morekaos said:
I did this friday but thought some here might find it interesting..

Happy Friday!! Something to chew on this weekend as both an idea and to lend some perspective. I chose four of our countries most prestigious industrial companies. Names you are probably familiar with. In fact two are still in the Dow Jones Industrial Average. Together they have a combined gross revenue around $292 Billion dollars. You could buy all 4 companies in proportionate $5000.00 pieces ($20,000.00 total investment) today and capture all that revenue, earnings and growth. Even if some should fail, most will survive and thrive, these four names are important industrial components. To put this into some perspective of the overly dramatic tone in today's markets I calculated the cost of purchasing these very same names six months ago to the day. I think you will find the comparisons interesting.

Company Quantity Date Price Cost Date Price Cost

GE 530 3/20/2009 9.30 5067.86 9/19/2008 26.62 14,354.67

Alcoa 800 3/20/2009 6.31 5208.42 9/19/2008 26.79 21,777.90

International Paper 720 3/20/2009 6.92 5136.04 9/19/2008 28.92 21,157.13

Dow Chemical 650 3/20/2008 7.63 5107.66 9/19/2008 37.56 24,774.67

-----------------------------------------------------------------------------------------------------------------------------------------------------

Total cost $20519.98 (today) $82064.37 (6 months ago)

What a difference 6 months makes huh? I think this both illustrates the disconnect between pricing and reality but also highlights the significant opportunity that panic can present us. Something to think about. Have a great weekend!!
Click to expand...

If you are a trader I might take profits

4/17/09

GE $6503

AA $7320

IP $6300

DOW $7741

$27864 38% in 4 weeks
Click to expand...

Wow! Awesome trade!
 
morekaos said:
morekaos said:
I did this friday but thought some here might find it interesting..

Happy Friday!! Something to chew on this weekend as both an idea and to lend some perspective. I chose four of our countries most prestigious industrial companies. Names you are probably familiar with. In fact two are still in the Dow Jones Industrial Average. Together they have a combined gross revenue around $292 Billion dollars. You could buy all 4 companies in proportionate $5000.00 pieces ($20,000.00 total investment) today and capture all that revenue, earnings and growth. Even if some should fail, most will survive and thrive, these four names are important industrial components. To put this into some perspective of the overly dramatic tone in today's markets I calculated the cost of purchasing these very same names six months ago to the day. I think you will find the comparisons interesting.

Company Quantity Date Price Cost Date Price Cost

GE 530 3/20/2009 9.30 5067.86 9/19/2008 26.62 14,354.67

Alcoa 800 3/20/2009 6.31 5208.42 9/19/2008 26.79 21,777.90

International Paper 720 3/20/2009 6.92 5136.04 9/19/2008 28.92 21,157.13

Dow Chemical 650 3/20/2008 7.63 5107.66 9/19/2008 37.56 24,774.67

-----------------------------------------------------------------------------------------------------------------------------------------------------

Total cost $20519.98 (today) $82064.37 (6 months ago)

What a difference 6 months makes huh? I think this both illustrates the disconnect between pricing and reality but also highlights the significant opportunity that panic can present us. Something to think about. Have a great weekend!!
Click to expand...

If you are a trader I might take profits

4/17/09

GE $6503

AA $7320

IP $6300

DOW $7741

$27864 38% in 4 weeks
Click to expand...

OK, I have to bow down my head on this trade. Did you sell? This is some of the best timing I have seen.
 
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