First, visit yesterday's update - Tuesday's Trading, Gone.
Wacky but good trading day this Wednesday.
Wacky, because General Electric was dumping amid all sorts of nasty rumors/facts - in fact it traded as low as 5.87 this morning before bouncing a bit. Also, JP Morgan and Wells Fargo each got hit pretty bad (threat of debt downgrades or other such nonsense). So with those biggies, those bellwethers taking a beating....
Everything else levitated!
Today I bought my new friend, the FAZ - the triple short financials ETF - at 70.62 on the opening bell.
I jumped in the shower (cold) and found my shares gone by the time I put my tighty whiteys on. I sold them at 76.00 at 9:49am.
Have I ever seen a better trading vehicle than FAZ these past two weeks?
Nope. Not even close.
Guys (and gals) must be making a killing just throwing out simultaneous buys and sells to scalp. The thing moves like it's depraved. Just look at the past three intraday charts:
That graphic doesn't do full justice to the point I am trying to make but it gives you an idea anyway. One really needs to watch that ticker flicker for full comprehension.
I also tried to scoop more SRS on the open but missed it. It rallied a full 8 points in the next 45 minutes!
GE on the other hand, that POS was easy to buy. I doubled up my position at 6.41.
I sold into this NASDAQ strength - shorting the QQQQ at 27.12 and 27.47 in equal parts. I don't really like this position and am tempted to cover it early tomorrow.
I bought a little more EEV - the double short emerging markets ETF. My price was 59.60.
In the final hour I bet that the rally would fade a bit. I grabbed some more SRS at 85.40 which I sold nicely at 88.50.
And, I shorted Goldman Sachs at 87.58.
The only reason I shorted that is this guy - Centrifugal.
He's a really sharp, and experienced trader I found recently. But he was dead-@ss wrong today. Everything he did was horrible. Finally, at the end of the day, when I saw him post this on his Twitter feed:
Added 11% long GS, 87.34
I JUST HAD TO SHORT IT!!!
Look where he bought it:
GS dropped down faster than a Jersey girl on Prom night.
Alright, it wasn't that bad. I just wanted to use that line that's been burning a hole in my chock-full head.
Centrifugal hit the confessional this afternoon - Mia Culprit. As bad as his trading was today, he said he's still up for the week. Go through his disastrous trades today and you'll see how impressive his *net* is. Seriously.
His style is different than mine - to put it mildly. He's more of a momentum guy - more of a traditional daytrader. I always wanted to become that type of trader but it just never suited my disposition or my talents.
Why spend 150k on college to become a certified *clerk* in a wage slave economy when one could sit home all day, learn for free from a veteran (20 years?) trader over the Web?
Y'all will have to learn from him because there's no way I'm going to live-stream my trades.