8/31/2007 – It’s moving day…not
Ben Bernanke day.
Jonathan Lawson (aka Jonnie Law)
PSIA Level 3 Certified, Rocky Mountain Trainer Accredited, Colorado Instructor of the Year Finalist
Ben Bernanke day.
Gap down this morning, then bounce up. What a crazy market. Now to get filled on a few new issues.
At the open there was a slight gap up, then fall back. I had put together a list of shorts, for the day to fade this move.
The market has been facing resistance at the 61.8% retracement.
Well I am back to the home office this morning. I did enter and exit several trades last Wednesday through Friday from the road.
We still may have a quiet day, probably some light chop with a slight upward bias. There is no real catalyst for movement today. We will see.
It feels like market is very heavy. I am playing choppy to down. My acct to a very nice spike up on the open. EVERYTHING spread this morning.
It feels like market is very heavy. I am playing choppy to down. My acct to a very nice spike up on the open. $500 to a $1000+ a day is pretty nice, I am ok with this. EVERYTHING spread this morning. I would like to get out of a few of these in anticipation of another market drop, and a number of trades presenting themselves. I was in a trading friend’s office today, Playing around and making 10-20k, I guess I need to think bigger. The good news is that he has asked me to meet with him regarding some of my option trading strategies, and implementing them in his business. Very Nice.
The Movie: Federal Reserve part 4 of 5 television is not the truth. People do what ever the tube tells them. Trading, war, beliefs or purchases
I became a little impatient on one of my trades. I want to ready myself for an increase in movement, and preserve some mental capital. â™
BMY- Mar/Jan 30p. It was still within my risk parameters, and it was two months wide. But it wasn’t opening or reacting very well. So I decided to exit 2 units for .15. I made a few cents, after commission on it. I’m out of this trade.
CY – I exited 1 unit @ .15.
ALD – Sold 1 unit of Feb/Jan 35p for .20. This spread has been pretty wild, but has not traded much.
ALKS – Bought 1 unit of feb/jan 17.5p for .05
UNM – Sold 2 unit of 25p (ATM) for .17. It hasn’t widened much, but there was still nice profit.
LYO – Sold 1 unit of Mar/Jan 40p for .20. I think I bought this by someones mistake yesterday. As soon as I sent the order in I was filled, then the spread adjusted. I was filled in the afternoon on this one. I was an overnight double. It all adds up.
IWM – OCT/Sept double double 70/7283/85 for .50 debit.
This band sounds so good live. It somehow relates to the above video.
Huge week last week. There was lots money changing hands last week. Technicals still look bearish to me.
Can you say BONG! with FED boosters.
Worldwide panic this morning. I am looking at the short-term bottom here. Insane selling this morning. Amateurs at the beginning, pros backed it up.