Yeah, as for that, I'm almost afraid to admit this, but here goes:
1. Booked all of the UYG at $8.10 when a limit order was triggered very early in the AM. I thought this was okay, as the bid was at something like $7.39 last night when the market closed. Was just looking to get out with my principal intact and not screw with UYG again for a while. I don't have a good feel for it (or for anything, as the rest of this will show).
2. Had some good luck on two different intraday SKF trades, buying at about $170 and booking at $175 and $177 on two different occasions. Did that twice and made some nice coin.
3. THEN, foolishly emboldened by the cheap money to be had in SKF, I bought even more SKF and, for the first time, SRS, when it looked like they were relatively cheap. Cyclist on the Kitco boards said that he was buying SRS at the time, and I know that guy to usually be right. They were both down at the bottom of the trading range they then had established.
The market was up about 5.5% at the time, and I thought it had topped out. When the market kept going up, I bought more, thinking I was averaging down and that all the people looking to get out of the market on rallies were about to start locking in their profits on the day.
Painful to write it all out, but here it is:
Bought SKF at $163.99, $161.58, and $153.23.
Bought SRS at $186.06 and $179.77.
I didn't put stop losses in because I didn't want to get stopped out of gains -- it seemed, right up until SKF went below $150 -- that it had some nice resistance at around $150. I didn't want to unload it at $150 and lock in those losses. Then, of course, they sprinted downward to the close.
These things are really in the tank ... for my own sake, I hope this was just a bear market rally and that people were buying the rumor of a 1% cut but will sell on the news of a .5% cut. We'll see. Lots of exposure here for me, a big portion of which is on margin. Would really like to get out without getting killed.
Damn!!!! At least you didn't lose money, and if you got SKF & SRS at good entries, you should make some coin there as well. Cyclist has been OK on his day-trades, but horrible lately with his turn dates. Best way is to play both sides (skf/UYG, QID/QLD....) and with this volatility you can book each every day for nice gains.
3 comments:
Yeah, as for that, I'm almost afraid to admit this, but here goes:
1. Booked all of the UYG at $8.10 when a limit order was triggered very early in the AM. I thought this was okay, as the bid was at something like $7.39 last night when the market closed. Was just looking to get out with my principal intact and not screw with UYG again for a while. I don't have a good feel for it (or for anything, as the rest of this will show).
2. Had some good luck on two different intraday SKF trades, buying at about $170 and booking at $175 and $177 on two different occasions. Did that twice and made some nice coin.
3. THEN, foolishly emboldened by the cheap money to be had in SKF, I bought even more SKF and, for the first time, SRS, when it looked like they were relatively cheap. Cyclist on the Kitco boards said that he was buying SRS at the time, and I know that guy to usually be right. They were both down at the bottom of the trading range they then had established.
The market was up about 5.5% at the time, and I thought it had topped out. When the market kept going up, I bought more, thinking I was averaging down and that all the people looking to get out of the market on rallies were about to start locking in their profits on the day.
Painful to write it all out, but here it is:
Bought SKF at $163.99, $161.58, and $153.23.
Bought SRS at $186.06 and $179.77.
I didn't put stop losses in because I didn't want to get stopped out of gains -- it seemed, right up until SKF went below $150 -- that it had some nice resistance at around $150. I didn't want to unload it at $150 and lock in those losses. Then, of course, they sprinted downward to the close.
These things are really in the tank ... for my own sake, I hope this was just a bear market rally and that people were buying the rumor of a 1% cut but will sell on the news of a .5% cut. We'll see. Lots of exposure here for me, a big portion of which is on margin. Would really like to get out without getting killed.
Damn!!!! At least you didn't lose money, and if you got SKF & SRS at good entries, you should make some coin there as well. Cyclist has been OK on his day-trades, but horrible lately with his turn dates. Best way is to play both sides (skf/UYG, QID/QLD....) and with this volatility you can book each every day for nice gains.
Just saw your entries, sorry didn't scroll all the way down. Just don't be impatient and you'll see those levels again!!!!
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