Tuesday, February 3, 2015

Choppy But Higher

That last hour squeeze in SPX was quite unexpected.  My swing long, which I wanted to hold until 2040, was sold too soon, because I thought I could rebuy at the close, for a bit lower.  Completely wrong on that.  And missed the trade.  You cannot get caught up in microtrades when you could lose your position in the process.  I lost my position, and had to settle for a small gain when I could have a very healthy 30 point gain on my hands here.  You can have an edge with your game plan, but if your execution of the plan sucks, you won't make anything.

I am still bullish, and looking for higher going into the European close today, but yesterday's moves took the starch out of me.  I am back on the sidelines waiting for a better setup, but probably will go higher today, just conviction isn't that high.

12 comments:

Anonymous said...

This goes out to all the people that lived above the buildings that I was hustling in front of that called the police on me when I was just trying to make some money to feed my daughter.

Sold Mar 20 17 FCX calls @ 2.25 from 1.30.





Anonymous said...

Short CSIQ @ 25.58 common

Market Owl said...

Nice trade on FCX calls. I am now short crude oil. Swing trade.

Anonymous said...

We're in the same trade. Solar and oil moving in tandem. Hope market pulls back and takes oil with it.

Anonymous said...

shit man this short covering in crude is as vicious as the way down.

Anonymous said...

This is Kill Shorty Day 2015 Vol 1.

Anonymous said...

Every trade I visualized would eventually happen.. is happening today

Market Owl said...

A huge short squeeze, wow. Hanging on to the short

Anonymous said...

Fuck Cramer, Fuck Icahn, Fuck OPEC, Fuck Goldman Sach, Fuck Bank of America, Fuck Deutsche Bank, Fuck Shark Tank bald fuck, Fuck Generation Y clueless journalist and Wall Street MBAs who was in Jr high during the dot.com era and don't know shit anyway, guck all the bandwagon haters who said Oil will go to 33 or is going lower. Fuck you for cluelessly saying anything to just grab a headline.

Market Owl said...

Well at least you are not short. Haven't seen a short squeeze like this in a while. Once this storm passes, I expect crude to be back at $47.

Anonymous said...

Actually I am short oil vicariously through solar. But I guess being up 20% before shorting helps

Market Owl said...

Had horrible timing today, could have waited a few hours and had a premium short entry. Everything tells me this is a short covering rally. After shorts are done, expect a resumption of the down trend.