As expected, the week kicked off with quite a roller coaster ride as the DOW swung hundreds of points intraday and many traders were left anxiously swinging longs into election Tuesday. The good news for the Bulls is that there was a nice end-of-day rally and no reason to think it won’t continue in the morning where it left off. The attention tomorrow will be on elections, but its market’s impact will likely not be felt until Wednesday – that’s the day of the year, so far, for news – election results and QE2 details.
The morning got off slow for me, as I struggled to get my trading platform to cooperate. Pretty much anything that runs on JAVA hurts my machine. Long story, short, I missed the morning run. UG. From there, it was a nibble here, nibble there. Here are today’s trades.
- KLIC – I started off the morning getting the hell out of KLIC. I’ve been holding that one for a few days now and nothing productive has come of it.. Took a stop loss off 7 cents.
- BIOD – Very fast scalp from 2.04. Sold at 2.08. I went in heavy, so it paid off pretty well.
- TZA – I played TZA a few times on the market march down. I should have been selective and found some Put Options, but TZA sufficed.
- Long 22.55, out 22.71
- Long 22.77, out 22.91
- Long 22.85, out 22.94
- Long 23.09, out 23.35
- GMR – Scalp play. In 3.93, out at 4.00.
I’m still sitting on CPSL – thought it might move today, but instead it pooped on itself and finished at 1.57
My two new positions are:
- BAC Nov $12 Calls – contracts at .20
- SPY Nov $119 Calls – contracts at 1.82