Quicktrade Posted June 6, 2003 Report Share Posted June 6, 2003 I know how you feel. I did the same thing, bought the QQQ at the open 31.14 thought that was a good fill watched it go to 31.48 and didn't think that was all she had so I kept it and ended up selling 30.85. It looked to me like it was going back up and I decided to buy some June 31 calls at .70 ended up selling at .45. I got whacked today. I can't believe how bad I traded today. Going into today I had a game plan of buying puts as soon as it started to stall. I almost pulled the trigger on some June 31's at .65 (now1.20) and some june 32's at 1.15(Now 2.00). I am just sick. The whole day all I could think about is those guys that manipulated this market this high weren't going to let this week end with a big bearish engolfing candle with high volume right at the long term downtrend line. One thing that still has me bothered about calling this a top is the fact that we are still in the higher end of the bullish channel and we only closed down 18 points on the Nasdaq, 2 points down on the S&P and still closed 21 green on the DOW. This could very well be the top but I'm still hesitant. By the way I was watching my time and sales on the QQQ a few minutes ago (ah) and saw an order for 9 million QQQ shares go thru at 30.19 when we were trading at 30.09. I've seen this before and not sure what to make of it. Quicktrade hey QT, today was a huge volatility day - possibly a reversal day for the next trend. you took a hit for a whopping quarter on the QQQ trade and you were on the WRONG side of the market on a really BAD DAY to be swimming against the tide!.... me thinks thats not all that bad. BTW, the QQQs closed near $30 - at least you didnt hold and hope. i dont trade puts, so no comment. I'm sure it could of been worse so I'm greatful for that but it's not only the money lost on the trades that ticks me off but the fact that I new the move and traded totally opisite. I did the same thing last Oct when we were turning the trend. That time cost me dearly and I told myself I wasn't going to screw around with quick trades when we are on the verge of a major trend change. Good thing is, I'm pretty much all cash except for a few June 30 puts. I'm going to spend the whole weekend trying to figure out why I did what I did. Thanks for the comforting coment Quicktrade Link to comment Share on other sites More sharing options...
Goldmember Posted June 6, 2003 Report Share Posted June 6, 2003 IMCLE- did anyone short it? Opportunity was ripe....though a Monday morning bounce of unknown strength looks poised to occur....much like a lot of watered crap....like the QQQ...which sits precariously right below a flatulent point...all designed to run everyone's stops...does it miraculously step up over the line and bounce....or try and rise to the flatulent point and be rejected with force, thus look out below...Monday morning will tell the tale. Piles, good moxy today. Great action! IMCLE... Chart below is artistic technical rendition of IMCLE plopping through the toilet bowl and roto-rooting down the drain. Caveat, bounce of questionable strength still possible Monday... Link to comment Share on other sites More sharing options...
MrHanky Posted June 6, 2003 Report Share Posted June 6, 2003 still in cash from yesterday....I noticed even with the comp down 18, the bear fund drcvx (I bailed yest) was still down today .25%. amazing day even though I only watched about 10 minutes of it from work. looks like the dow is gonna head up imo...ge was strong today. Link to comment Share on other sites More sharing options...
summoner Posted June 6, 2003 Report Share Posted June 6, 2003 Plane just hit an apartment complex in LA.......hope the terror freaks arent back...bears can win on funnymentals and wall street greed, we dont need any help. CIT today? Made some major coin on MXIM...bulls sweating all weekend! Link to comment Share on other sites More sharing options...
Direwolf Posted June 6, 2003 Report Share Posted June 6, 2003 oh my gawd.... just checking in after several weeks of vacation...got blown out on May OPEX and checked out both physically and mentally. what the hell happened today? whoa, I may have to secure that 2nd mortgage and go balls to the wall short come monday am. could the top finally be here? has this fairly tale BMR finally exhausted itself? wow...been in cash for 3 weeks now and may have to deploy the rest for some way out stuff like july oex 450 puts...can't be that expensive....this pig looks sick to me...game over....last bull standing be sure to turn off the lights. damn ameritraders gonna ride the slope of hope back down to new lows....you know this thing is toast! get short.............tits short..............party is over mr. bull......die pig! direwolf Link to comment Share on other sites More sharing options...
Guest Posted June 6, 2003 Report Share Posted June 6, 2003 Doc's prediction might just come true. Even bears are not going to believe first 100 point loss. Myself included, all bears are going to be on guard. Once bitten... Link to comment Share on other sites More sharing options...
Yanevano Posted June 6, 2003 Report Share Posted June 6, 2003 .....closed URPIX short first thing this morning......cancelled the order......reinstated the order.....closed the order....glad to be still short after all...........if my daughter had not wanted me to take her to a movie, the process would have continued back and forth all day.....btw, "The Italian Job" is a very good movie.....loved the gold bars in it especially Link to comment Share on other sites More sharing options...
PileDriver Posted June 6, 2003 Report Share Posted June 6, 2003 .....closed URPIX short first thing this morning......cancelled the order......reinstated the order.....closed the order....glad to be still short after all...........if my daughter had not wanted me to take her to a movie, the process would have continued back and forth all day.....btw, "The Italian Job" is a very good movie.....loved the gold bars in it especially hysterical. I've been there (cancel, keep, cancel, keep) Link to comment Share on other sites More sharing options...
wndysrf Posted June 7, 2003 Author Report Share Posted June 7, 2003 Hanky: I'm with you. I'm not getty too cocky. If this beast decides to head north on Monday, I'll dong it in a heartbeat.... Which ever way Al Green decides to push the tape, I'll trade in his direction. Figuring out which way its going is the hard part..... Link to comment Share on other sites More sharing options...
wndysrf Posted June 7, 2003 Author Report Share Posted June 7, 2003 Would you short or long this stock?? http://clearstation.etrade.com/cgi-bin/bbs...post_id=4475018 Link to comment Share on other sites More sharing options...
PileDriver Posted June 7, 2003 Report Share Posted June 7, 2003 perfect sell signal...green fading blue http://www.decisionpoint.com/affiliate/pc.html All these indicators don't come together this often or this extreme, its time to start probing. Each probe if correct gives you more confidence to add more as it goes down b/c you realize you are right and have a profit already. Otherwise you sit there scared to death to test the waters. If wrong you lose very little. The trend is your friend, don't fight it this time if indeed we start heading down. Forget what happened the last three months or be doomed to repeat it again. Its OK to chase the trend as long as you do it early :wink2: Link to comment Share on other sites More sharing options...
PileDriver Posted June 7, 2003 Report Share Posted June 7, 2003 BTW, anyone donging right now will suffer the same investment performance as a shorter on Sept 20, 2001 Good luck ! P.S. of course its not going to be easy to follow the indicators when they are this extreme or else everyone would make money at this ridiculous probabilities/psychology head game. Link to comment Share on other sites More sharing options...
BigWave Posted June 7, 2003 Report Share Posted June 7, 2003 Lous right..no celebrating yet..first confidence hit for the bulls in this move up..time for PAYtience... a couple of more failures and it's bail time..or as Doc says- FIRE in the theater and only 1 unlocked exit.. Link to comment Share on other sites More sharing options...
wndysrf Posted June 7, 2003 Author Report Share Posted June 7, 2003 Quote of the day from Lance Lewis: dailymarketsummary.com We gapped up big at the open, and the Dow finally ?broke out? of its 9-month trading range to become the last major index to perform this feat. That got hopers all lathered up into thinking perhaps today was the day that the jailbreak to the upside would occur. Over the next hour or so, what appeared to be panic buying ensued. Interestingly enough though, while the S&Ps and Dow slowly inched higher, the NASDAQ could only tread water, and during this same period, I am told that the order delay at Fidelity?s retail trading arm was 7 minutes, and Ameritrade?s was 6 minutes, indicating that the public is in a buying frenzy and is panicked to join in on the mayhem. After about an hour of intense buying on extremely heavy volume, we seem to hit an exhaustion point and began very slowly sliding back towards the open. A mainstay of bear market rallies is that towards their end, people begin to believe that they are ?new bull markets? and the public finally piles in. Based on recent mutual fund inflows (after months and months of outflows) along with today?s order delays at retail firms, I think it?s safe to say that we?re seeing that take place as well and possibly even seeing it take place at a frenzied pace, which could indicate some sort of important peak occurred today. The mutual fund mangers playing with other people's money continue to buy every dip as if it is the last before the bounce back to permanent prosperity and will continue to do so until the other people?s money that they are playing with is ripped from their hands. Well, you can count me in as one of the suckers which bought during the first hour panic. Got tired of missing so many moonshot moves, I was determined to catch the next one!!! Like Fleck, Lance goes on to explain how the homebuilders rolled first, then the biotechs, then the Internuts, then the semis. A cascade of sectors rolling to the downside like dominos. The most frenzied and parabolic sectors which led the rally rolled first. Link to comment Share on other sites More sharing options...
realist Posted June 7, 2003 Report Share Posted June 7, 2003 Realist: Can that wedge be considered a "three drives to a top"?? I'll be watching that 950 area. I'm sure the bulls will be buying with a vengeance at that line. Barring that, I'll be going long at 950 until we know for sure this pig is rolled..... I agree with you 100% on that possibility Mark. Since I have no overnight positions in either Bull or Bear camp at the moment, trading the intraday slingshot has been favorable thus far. The robot action appears to be even more rewarding as of late. My honest evaluation of the situation consists of the following: Week of June 9: SPX downward consolidation to 940-960 area. COMPX probably slammed down to 1550 area. Week of June 16: SPX continues upward thrust toward 1000 region, COMPX gets riverboated even harder. Week of June 23: Scam Week in full effect. SPX 1025-1050, COMPX 1700+, NDX 1300. Week of June 30 - Rest of 2003: FULL BAWLS TO THA WALL DONG RYTPX/RYVNX. Link to comment Share on other sites More sharing options...
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