08/31/2011 Intraday Watering

[EvilTrader]

Im inclined to believe the TOP was already seen for this week.

[parker]

Hello
I found the books about brain are even more useful(for me )
I recommend Daniel Amen - Change your brain-change your life
and books written by Goldberg (http://www.elkhonongoldberg.com/)

They explain why i cant do what i should do

[Cobra]

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

[janez]

What a day! Was there more to come?

[Ninja Trader]

I might consider putting up a chart of AAPL as I think it could put in a significant top around $420 in November but I'll likely just end up looking like an idiot

probably not real wise to try and call tops on a leadership stock

then again, I might do it anyway....

[q2model]

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

Under what condition would you say top is in?

[StrikePrice]

Option ideas over the next few days:

1. Short CMG
2. Short PCLN
3. Short GOOG
4. Short NFLX
5. Short ANF
6. Short IBM
7. Short BIDU
8. Short WYNN

Use AAPL calls as a hedge (and yes I know its not performed well for the last 2 days but its been a useful hedge in the past) and anything else u deem fit .

GLTA!

How do you normally hedge? ITM or OTM calls? And how far out? Thanks!!

Depends on a lot of different factors and "feelings" I guess. I normally try not to hold my positions for more than 7-10 days (time decay can kill u ! ) and usually buy at calls/puts at least 2 months out if its a swing position. Day trade is different and I use weeklies sometimes but honestly its very stressful and I have a another job (one that requires me to sit at a desk for 10 hours a day.....i consider that my second job )

I usually ITM options (at least 2-3 strikes below current or entry price) . I start off buy naked calls/puts with protective hedges such as aapl , or stronger stocks that I like (changes EVERYDAY!!) and if i make money and want to hold overnight I either strangle or spread the position to protect profits.

If i had sep puts on any positions I had today I would have gotten v vv pissed with the action of the last 2 days because of the chop and vol! but my positions have respected me ....so far!!

sorry if im not very clear but hope i could help in some way possible!

I'm with you that Weekly Options stress me the most too, but they're hard to resist. Great for day trades but holding overnight could mean losing a lot of sleep if the Futures move against you! LOL. The last night I'd consider holding a weekly overnight is Monday night...after that and the time decay will likely burn you. Only once did I have the guts to hold a weekly into Friday because I was on the right side of the trade and I was amazed how much the time decay took away! Now I always watch the Theta...

[jarbo456]

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

i believe target has been reached. do we see continuation or have we hit the intraday bottom?

my chart is showing continuation.

[Petsamo]

Looks like da bear is back!

[janez]

I shorted heavy mid day. Now wonder whether to cover some or all.

[Cobra]

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

Under what condition would you say top is in?

Didn't you see I didn't disagree with EvilTrader? There're always some chances especially if we close Open > Close today, with VIX double reversal bars, with NYMO and T2122 at record high, what else can I expect? I have to say a top of some kind was in or very close.

[janez]

I shorted heavy mid day. Now wonder whether to cover some or all.

SOHU, ANR, MLM, MCK

[Rezito]

Im inclined to believe the TOP was already seen for this week.

I think at least for the short term it is. There is still a chance we can back test 1180-1200 area and then go up all the way to 1250-1300 area.

[janez]

I shorted heavy mid day. Now wonder whether to cover some or all.

SOHU, ANR, MLM, MCK

[jarbo456]

I shorted heavy mid day. Now wonder whether to cover some or all.

as did i. shorted with 40 puts on SPY at about 122.90.

think i will cover half on the next rebound signal, which looks close.

[keesa]

121.5 is a buy now

[Cobra]

multiple supports here.

[EvilTrader]

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

Under what condition would you say top is in?

Didn't you see I didn't disagree with EvilTrader? There're always some chances especially if we close Open > Close today, with VIX double reversal bars, with NYMO and T2122 at record high, what else can I expect? I have to say a top of some kind was in or very close.

That´s it.

Also, this rally did reach the 50% retracement line from the recent sell-off.

[janez]

I shorted heavy mid day. Now wonder whether to cover some or all.

as did i. shorted with 40 puts on SPY at about 122.90.

think i will cover half on the next rebound signal, which looks close.

Good idea. Thanks

[tonghu]

these days, bulls don't need any TA, FA, just belief is enough for them, which is always full of surprise

Im inclined to believe the TOP was already seen for this week.

let's see how market closes today.

Under what condition would you say top is in?

Didn't you see I didn't disagree with EvilTrader? There're always some chances especially if we close Open > Close today, with VIX double reversal bars, with NYMO and T2122 at record high, what else can I expect? I have to say a top of some kind was in or very close.