Tuesday, July 22, 2008

Have you seen my ass? part 96

600 point rally and we lost our ass!


THE SHORT BUS is out of gas.  

Being wrong sucks, losing money sucks more. 

We knew we didn't know the direction of the market, yet we "forced" a bunch of trades.  why!!?!!    we suck.  The past week has been our worst trading week ever.  

lesson #68:  don't know, don't trade. 

CASH is KING!   


BUY ON THE DIP said...

we sold deck and urbn shorts prior to losing our ass. thankfully.

sorry to hear of your loss.

deck is lame, the consumer still sucks, unemployment is still on the rise. deck will go lower, eventually, ... but for now, it will rally with everything else.

we bought TGT calls after selling our retail puts.

and we would say buy something retail as a hedge, but we are in no place to give advice right now.

repeat: we suck.

Anonymous said...

what do you think of appl and pot or uso.

Jim Collins said...

CAT making Hanging Man candle @ 75, placed STOP LIMIT order for 1 CATTO with STOP LIMIT @ 2.60 (purchase when option last trade is at 2.60, currently at 2.36)
target is 65 stop loss is 2


Anonymous said...

dont worry about it man, you guys do good most of the time. just gotta know that the market changes direction so quickly these days. i have been without direction too, not sure what's going up... i guess buy airlines and financials like everyone else... i'm down this week even though markets up... not because im short but because im stuck in the last month's strategy if you know what i mean.

regroup... then GO TEAM!!!

at least RICK is up :D

Anonymous said...

I think VNO is coming down , it might be awhile though. I have not shorted it just yet though.

Anonymous said...

Nice Call Jim!

Jim Collins said...

KEVIN: Thanks dude, hope you got a piece of the downside action, I think it has a few more points to go, remember the BOTD motto, Take Profits Quickly! I have a $1 trailing stop on the puts, dont be greedy.
Yeah I lucked out on this. Ran a filter - "stocks making new two week high, close lower than open " and caught it and it turned into a bearing evening star.
Thanks again.

Jim Collins said...

Kevin: yeah when you see that thing kinda floating out there gapping away from the previous close it kinda looks like the Roadrunner in the old cartoons. Small real body, close below open..the ACME Products JetPack has failed again...you can just see it running frantically in midair LOL