Costs

I took some profits early this morning on CME and MA, but the rest of my positions, which all got filled for calls, ended up costing me money.

My 4 yr old was sick today and stayed home and he was a huge distraction, constantly talking to me, wanting my attention. This did not allow me the time I needed to focus with so many positions on the table, to adjust for things going on.

Yeah, an excuse. The damage would've been worse if I didn't manually stop myself out as most of my stops were too far. The plan was to wait to see what the market was going to do after all my positions were filled, which were within the first 5 minutes of trading - all automatic contingent orders.

It is very hard to pay attention to things moving and going with a sick 4-yr old. It was already too late to undo my orders. As I was running around taking my daughter to school and managing Sean, I was not able to see the compression patterns that were developing for all my positions. Some were in pennants, others in rectangles.

Here are the compression patterns and the exits for each:

CME: pennant wedge @ 691.75 (manual stop out @ 384.50)

BIDU: ascending wedge @ 391.50 (manual stop out @ 381)

AAPL: rectangle @ 193 (manual stop out @ 189)

FWLT: descending wedge @ 160 (manual stop out @ 158)

GOOG: descending wedge to a rectangle @ 706.50 (manual stop out @ 699.50)

GRMN: descending wedge @ 106 (manual stop out @ 100.50)

ISRG: descending wedge @ 340.25 (manual stop out @ 329)

Not compression patterns:

FCX: M @ 105.50 (manual stop out @ 104.35)

RIG: M @ 137.90 (manual stop out @ 137)

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These were the costs I incurred today all on my cost positions.

I had been away from the computer for about a 3 hr period and was surprised when I came back, which was around 3 pm EST. At that point, seeing all the positions that I still had on in negative, I panicked and just decided to cut my costs without reservation. Of course, within the next 15 min after doing this, apparently all these stocks had hit a support and began bouncing off support.

Instead of licking my wounds and feeling sorry for myself, I said, "Oh well" and decided to get back in.

I'm back in for everything except BIDU. MA is included in the mix where I was able to make money first thing on this before the stock started to tank. As I look at the chart, I'm amazed at even making money on a call position that began today, but I did. It wasn't a lot, just $200-300, but that will buy about 4-6 tanks of gas for me.

MA, RIG, GRMN I'm currently at breakeven on my Dec calls. These will be short plays that I will most likely be out of by the end of Friday.

The other stocks: CME, AAPL, GOOG, FWLT, FCX, ISRG I was able to get in as they were bouncing off support and each of those positions are nicely up in the last 15 min. of the trading day. It was good to see a rally.

$SPX's range for the day was a 41 point drop from its high, but ended up closing about 7 points below the open. It's also at another pivot point. Will it go up or drop from here? Dunno. Have to wait until tomorrow, at least.

Anyway, I'm going to post a bunch of charts in my next post without explanation.
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  1. Lingie Says:

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