Wednesday, May 6, 2009

Wedding and such

The past 10 days I have been trying to get my wedding completely in order.

I have been trading but not the volume that I like. From the previous post, the market was at a critical point. It obviously went straight through all of those points listed, and it has continued to rally upwards.

I made 3 trades today ( it's raining on my honeymoon and my wife is napping ).

Bought 2000 RF @ 5.83 > sold 6.20

Bought 4000 AMR 5.93 Sold at 6.00

Sold USO (bought weeks ago) position @ 31.50

Sold my oil position 500 shares originally bought at 29.60 , gone at 31.50.
A side note about my oil position: I am really not sure why I sold that little position. It really didn't run much further, and it ended .07 lower than my selling point. That is the highest I have seen USO since I started trading it. I think it has definite potential to continue to climb, and it hedged my transportation fetish perfect. However, I had a need to be in all cash by the end of trading today just for my own piece of mind. It doesn't always make money being in cash, but I am guaranteed not to lose it :). Also, I am on my honeymoon, and I don't want to micromanage trades by the poolside. I'd rather just be a bystander unless I see something that I cannot pass up.

I didn't want to hold on to AMR overnight (similar reasons stated above). I don't want to wake up and be on the wrong side of the trend.

The market continues to climb, but I began to get a little sketched today. I would like to see a nice pullback, hell today could have very well been that day. The pattern of higher highs and higher lows has not been broke. We haven't seen anything that could allude to some serious downside movement, but I am playing extremely defensive. I am comfy with the gains of the past 6 weeks, and I won't let them go that easily.

Cheers,

R

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