Monday, October 13, 2008

What A Shame To Miss Today

especially after i was telling some folks on Wallstreak thursday and friday to expect a 1,000 point RALLY on the DOW very soon.

Here are my exact comments to other traders late last week:

"watch out above. You'll see a 1000 pt rally. mark my words."

"I am expecting a 1000 pt rally soon. trust me. it's coming. "

The reason why i didn't trade on this call eventhough i knew it was coming and it was very near is because in my head i pictured it differently(was not impressed with volume or the the lack of leadership in the financials) and probably because i have been shorting so aggressively for the past 3-4 weeks that i actually forgot how to go long! HAHAHHA! I also do not like to chase HUGE gap UPs on the indexes. This is not my strong point and always feels like i am playing catch up.

At any rate: the market's day to day gains or losses have never affected my daily PnL. I want to make money in ALL conditions and missing one huge day is disappointing but it not gonna set me back one bit. This market continues to offer traders tons and tons of oppotrunities.

Tomorrow is a new day and i am surely looking forward to it!!


Blue said...

Stewie, I was up at the open and was looking for something solid to long all morning. Watching MA actually put me to sleep in the beginning today. You missed the gap and a long, painfully slow, low volume day for most stocks. Big deal. You would have had to go very big early on your fav. commodities or hold onto a BIDU or ISRG trade for a big point spread.

I personally didn't think today was eventful in the least. I had to look up at the scoreboard to even realize the dow was up nearly 1,000. Didn't feel like anything.

Stewie said...

thanks for the recap blue. i agree with you 100%. only way to make awesome money today was take huge positions coming into today from friday (ala jase) or once you notice that there was selling into the close, to reverse all positions and ride out GIGANTIC size trades into the close. let's watch these picks i put and see how they hold up tmrw.

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