"A man is not finished when he is defeated. He is finished when he quits."

Tuesday, April 9, 2013

Second and Third moves of the day

I shorted 250 shares of TNA at $42.34 in the 2:45pm candle and covered at $42.00 in the 3:10pm candle; gained  $81.30.

Re-shorted 250 shares TNA at 42.05 at 3:29pm, exiting with a BAD fill at 3:38pm.  Clicked the sell button at $41.92 and nothing happened... then it cleared at 41.97.  
Gained $17.86.

TNA still dropping nicely... $41.82 now but popping on volume.
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UPDATE:  looks like no PPT at work today... at least not yet with 10 mins to go.  I honestly thought it would drop to the $41.60 area but it is sticky here at 41.85.

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UPDATE TWO:  4 mins until close and it appears that $41.70 is as low as TNA is going to get this day.  I'd be very surprised if this doesn't gap lower at tomorrow's open, complete with a down day.

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UPDATE THREE:  And in the last minute, it struck $41.60 and now below... mark the close at $41.51.  Damn... should have hung in there!  Ah, no worries; I'm not a hot-shot trader, just a guy trying to eek out a living while continuing to learn.

Carried a short overnight...

I finished yesterday with just the close out of the Friday trade I carried over the weekend; prior blog post.
Then at end of day, I saw the Plunge Protection Team hard at work driving the markets up in the last 30 minutes, so I went short in TNA to carry overnight.  I just closed out the trade for a $240 gain as price approached the $41.39 pivot.  A quick pop as I was clicking the mouse cost me about $100 off my gain; the downside of using market orders.  Price is rallying off the pivot so my decision was correct to sell there... in the short-term.  My suspicion is that the markets will inch lower today, carrying TNA into the 40.90 area... one never knows though... :-)