Well just like at the strip club, on the market open, my shorts will be under pressure and I may get stopped out right off the bat. If this happens, I may come in later today and try again with twice the amount on the XLF play. If it doesn't happen, I will be looking at the XLB play to see if it continues to slide. With the dollar coming back and the commodities starting to faulter, this short play should continue. The financials will probably rally again because of the dollar which is bad news for me.
-
Comment -
I see that over lunch the ETF XLB has been making a run with almost no volume. In fact is got up to $43.49 which is i penny away from my stop price. I am resetting the stop to a trailing stop of 10 cents. It is going down now but the trailing stop will lock in profits and I can then make a determination later whether or not tos continue to short.Comment -
XLB stopped going down so I got stopped at $43.40. That's a killer profit of $30 after the vig. At least I didn't lose.
At this point I'm am going to add to the XLF short with 100 shares @ $26.80 and the stop will be at $27.50 with the other 100 shares that I shorted yesterday.
I'm also stepping in XLY with a short of 100 shares @$32.12. The stop will be at $33.00 and I will be adding to this position as well if things look good Monday.
Been looking for a good place to short the tech stocks and I don't think it will get much better than now at $23.98 with 100 shares also. The stop will be set at $24.50. I could kick myself for this one, I was thinking about putting a short position on yesterday with the others but didn't. O well these are my lunch money plays anyway so it isn't that bad.Comment -
Got in the office late this morning so I won't be looking at the charts with you at this time. Over the weekend I decided that this is where I will make a stand and start putting more money at risk for my short plays, I do this when I think that there is going to be actionable happenings. These usually only happen maybe twice a year, with the last one being right after Christmas last year. What this means is that I will be progressively adding to my short plays as they spike, until they either pull back or I get stopped out with my new stop targets of 10% loss. I don't buy into the rally yet and I'm willing to bet a pullback is overdue.
I also decided to put together a excel spreadsheet with a pivot table so that it is easier for you guys to track my record since my first stock market posting sometime in February I think. I will compile the record and enter the information into the spreadsheet sometime this week.
A review of the positions that I still have on so far today:
XLY shorted @ $32.12 for 100 shares. New 10% stop loss is $35.33.
XLF shorted @ $26.80 for 100 shares. New 10% stop loss is $29.50.
XLF shorted @$26.60 for 100 shares. New 10% stop loss is $29.26.
I will still be looking to short the tech sector and the material sector, and I may be looking for a financial stock as well.
Christ, I forgot to show the DIA short play. DIA short @ $128.82 for 100 shares 10% stop $141.02.Comment -
Now that the 1st hour of trading is over, I am putting in an order to short the XLK at @24.45 for 100 shares. Right now the price is at $24.12 so it may not be filled today or ever for that matter, but if the price gets up to this range, I want to be on the short side.
I also moved in and shorted the consumer discretionary ETF XLY at 32.32 for 100 shares and set a 10% stop at $35.55.Comment -
Stepping in again short on XLY at $32.58 for 100 shares with the 10% stop at $35.84.Comment -
Also shorting the financial ETF again at $27.10 for 100 shares with the stop at $29.81.
That's XLFComment -
At this time I'm stepping back in to short the materials ETF XLB @$43.72 with the 10% stop at $48.10.
Right now I'm on the hook for:
10 dimes on XLY
10 dimes on XLF
12 dimes on DIA
4.5 dimes on XLB
2.5 dimes on XLK
I plan on getting the XLK order filled today so if it doesn't go up to $24.45, I will place a short order in anyway and continue to add tommorrow. Ultimately I will either be on the hook for about $20 grand for each ETF or the market will start to go down before I can reach that level. So to recap I will have 80 Grand invested but will only allow myself to lose 8 grand because of my stop loss employment scheme.Comment -
I just shorted the XLK at $24.09 for 100 shares and the stop is again at 10% for $26.50.
Believe it or not I have a long play here on PDS Precision Drilling. I picked up 100 shares at $25.45 and I placed a stop right under some support at $23.91.Comment