Sept 18 – Disgusted with myself and the Govt

Went in with a plan, and then….


It was a tale of 2 trading sessions for me. In the morning I worked my plan to perfection. Played PGH perfectly into resistance. Sold half, then bought the Oct 15 put as downside protection. Perfect, locked in profit and have a nice dividend paying position to boot.
Then the market started to fall around 9am est. I was started looking for support I determined SPY 114 would be the level and a VIX level that may offer a turnaround point. I figured 40 would be a nice round number.
Other plays, COF I put on an very good sideways to bearish trade at the high of the day. Unfortunately I didn’t check that acct for day trade rules. My other accts can handle day trades without penalty, this one couldn’t. I tried to ge out of this trade at the bottom @ COF 45, but the software wouldn’t let me. AHHHHHHHHHHH. The worst part, is the two day trades I had in the last few days were due to Option Assignments where I lost my entire trade… AAAAAhhhhh!!!
Screw the SEC, those guys a bunch of jokers designed to protect the big guys. So rather than making $100 on the trade, I was down $200 at one point. An absolute joke, and a loss due to regulation.

Just BARK it out!! WOOF!!

About 10am I started having trading platform problems. Extremely slow quote delivery and order entry. Not my favorite thing in a rapidly moving market. I had to turn off, then reboot my computer. When I turned it back on, it still was crap. Oh, wait it gets better.
As the market made it’s drop to 114 I was getting filled on some inexpensive butterflies to the upside SPY 119/122/125 at firesale prices. I was on top of the world. I was trying to exit my credit call verticals in the IWM, but the slow platform entry execution made it a chore.
I was also buying some USB 35c calendars at great prices as the price moved down to the trendline @ 33. That worked perfectly. The day was going as planned, except for the computer issues. I also exited the majority of my remaining Dec/Jan 25c for profits.
IMCL Feb/Jan 50p calendar entry for an excellent price.
Exit the remainder of my AIG 2.5p calendars. 80 contracts for a nice profit.
Then the bottom was taking place at my target to get long, SPY 114, VIX 41+. Nice! I try to exit a number of SPY 114 calendars for various prices, and get nothing, as I was fiddling with that, I was trying to work an entry XLF and PGF. I was trying to catch 3 rabbits at once, and didn’t catch one.

Then the MOTHER of Government announcements. The UK OUTLAWS short selling of financials until January 16…. WTF??? I was so pissed!! I unnerved me. Totally through me off my game. My initial trade of a naked XLF Oct 17p and a BWB, buying the PGF would have been excellent. But I rebelled. My thought was that the stock mkt rules are changing in the middle of the game. And about an hour later some of our US Government officials started chiming in and saying that we should enforce the same regulation. Retarded Socialists. Why even have a frickin stock market?
I am so incredibly upset with the politician in the market. They prop and prop. They try to fake out the markets with their words and policies. First of all. The reason we are in this shitty mess is due to INCOMPETENT and lax administration within the regulator environment. It was Clinton and now Bush who gave the wink and the nod to let everybody own a house. This screwed up my rental income, fortunately I booked my appreciation by selling 4 houses and condos two years ago. But sheesh. Now they wonder why the market is falling. It is because of their policies. And who the hell do they blame??? The short seller, the jackels, the opportunists. Well screw them. They are the manipulators.
Then we have the do nothing SEC. Naked shorting IS dangerous for the markets. What happens when naked shorts and legal shorts cover at the same time? We shall see, because that is what is happening right now. The SEC have been sleeping on the job and NOT protecting us. If it wasn’t an election year, I doubt half this crap would be happening, regardless of party.
We will get a rally form this intervention, I have been adding some long exposure over the past week. Tomorrow, I plan on getting out of the index game for awhile. The Volatility is rewarding, but government intervention in the market sucks and is to hard to chart. I plan on booking some profits in the morning, and look for a few trades with great edges. When the market moves up and up to 1265 (could be tomorrow) I will be looking at the environment. My guess it will still be in rippin bull mode. There are forces at work beyond technicals and fundamentals.
I am pissed at the government agencies and believe it or not, I actually did ok in the market today.

Between technical difficulties and government interference. I froze, locked up. I wanted to take off my financial shorts in the COF, unfortunately that is when found out about the daytrade rule on COF. That threw me, then my frustration escalated. INTU started running away from me, and I was chasing, I don’t like to chase. I continued to miss my IWM and SPY biased short positions.
I was filled on some C positions I bought yesterday, Oct/Dec 17.5c sold for .65. That was nice to see, some actual profit off the table. COF continued to run,and the losses mounted, addition frustration and curses that the government in trying to “Protect” the public was screwing me over, although the big guys could trade second to second.
“I was missing the rally, and I called it”. That really started getting to me. “I am losing money, the computer is slow as a snail, and can’t get out of some of these bearish trades, and I called this bottom to within 4 S&P points.”
Lastly, one of my larger Volatility positions started showing down $$12,500 (which is a lot for me). That diverted my focus enough for me to… Stop, scream a few cuss words, then forget about the rally and just unwind positions.
When all was said I was about even. I am thankful that I didn’t lose money. But Pissed to no end that I didn’t take advantage of a confluence of signals which market a short term bottom and an 80pt S&P rally.
Ahh, that almost feels better. Now off for a very long run and BARK it out.

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