Let's review this one quickly. The tone this morning was difficult to read, but I was lucky to settle on the short side early enough to catch PFGC just below 31.90 (and scratch ESMC). The broad selling really picked up in the afternoon which helped push my dog down: having a tailwind is nice.
The old Trading for Dummies principles followed to the letter: trade with the trend; set a stop in case you're wrong; let your profits run; bet only as much as you can handle and no more.
Good night!
PFGC, 30 min. Chart
It's fair to ask, what are you kvetching about? You risked a little over 10 cents and made over 40 cents. Gimme a break. I get paranoid because this cover page to the site gets over a thousand views a day now and I think they're gunning for me (absurd, of course). It was a good trade, no complaints. Colorful chart in a second.
You can see the bid is .21 after-hours... there's a lot of monkey business around the close to rob folks like me of our hard-earned profits.
PFGC, After-hours Time & Sales
Covering half and carrying half, you bums!
A chart for those in the dark.
PFGC, 30 min. Chart
Hrm, a rotten cynical drive up to 31.60 ... I may just have to carry this dog overnight if they're going to try to rob me of all my gains. Still a lot of selling hitting the broad tape so this little pop is aggravating.
The market continues to deteriorate but it doesn't look like they're going to let my dog close below 31.35... I'll try to cover there or just above.
Folks have asked me to comment on Martha. Well, I haven't been following the case at all but I know that if you receive material, nonpublic information, you can't trade on it. And if you concoct some story to make it look like you didn't act on the tip, then you're making matters worse.
Now where's that site that shows different ways Martha might decorate her jail cell? Found it.
OK, I'm back. The tone has gotten worse and I'm glad to see that my puppy has crumbled along with it. This PFGC could turn out to be a huge reward to risk winner if it continues weak into the close.
Taking off... see you later.
Yeah, there are sellers out there, but it has been a tough read and I can see how folks might be on the wrong side here.
Scratching ESMC here. Doesn't feel right.
Seeing sellers on the broad tape but don't want to cut and run on ESMC just yet.
Initial risk is very small in both these puppies, so even if they both go bad it won't matter.
Long ESMC p-stop 22.29. Not sure which side will work.
Short PFGC, p-stop 32.01... tone has reversed sharply, tough call here.
Tone looks pretty good, I'm looking long.
Abstraction of "Tone"
Eyes on EVOL, MSO, TASR, VION...
Where to sell these Broadband HOLDRs?
Broadband HOLDRs (BDH), Weekly Chart
Charlie Rose asks Ace Greenberg what makes a great trader, among other things.
Listen to the whole thing. Great stuff.
From an interesting interview with Michael Lewis:
-- via Infectious Greed --
There was one interesting thing in Barron's this week, an interview with Paul Macrae Montgomery.
The 350Z is the nicest looking rocket out there these days.
I visit hchamp.com every day... Heather's photos often take my breath away. One of the cameras she uses is the Canon 300D, also known as the Digital Rebel. I'm keeping it in mind for the day our ancient Olympus doesn't survive another fall from my pocket.
Sometimes Brian Lamb's questions to his guests on Booknotes can be painfully dumb. Fortunately George Soros answered them with humor and grace.
SOROS: Very well.
LAMB: What's it like to have a lot of money?
SOROS: Well, first of all, it's very pleasant because you don't have concerns, you know. It also gives you a degree of freedom, and it also gives you a degree of power.
LAMB: Should people be allowed to make the kind of money you make?
SOROS: Not necessarily, but it's -- it might be excessive. But what are you going to do about it?
Say good-bye to sub-penny trading on ISLD.
"... we have determined that trading in penny increments generally provides greater price discovery, market transparency, and better overall execution quality on INET in the current market environment."
Stupid business decision #8,973,040 by Reuters. (Has this company ever done anything right?) If you have the technology to trade sub-penny, by all means use it as an edge to get liquidity!
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