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Robert Weinstein
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  • Trading results 2/10/11 0 comments
    Feb 10, 2011 5:21 PM

    Wow, what a tough day. If it could go wrong it sure did today.

    First my wife tells me that it is -15 outside. My boys have to wait for the bus at the end of the street. When it gets this cold I just drive there and let them sit in my truck. Not a big deal but I am short WFMI and rather not be away during pre-market trading. So I pull some bids and went to wait for the bus with my boys. I also have an article on SeekingAlpha that was published that includes my short bias about WFMI. The article would not appear to be well timed for a day trader that is for sure. Those with a longer time horizon may find it useful. At least I can say that I eat what I kill unlike so many talking heads that have no skin in the game or what they talk about.
    About 10 or so minutes I come back and BOOM I am doing sweet with WFMI as it fell into the zone for me. I move to cover (not all but a lot) and my orders will not go through due to interactive brokers software issues. IB is saying that the stock is halted. At the same time I am watching it trade. Pretty frustrating and I call them up. After being on hold for a long time but not long by IB standards I get told that they are working on it and do not have an ETA. I did have some bids standing and the highest one appears to have missed by about two or three cents. I don’t know if it was a live order or not considering the issues IB was having.
    IB finally comes alive and I started to cover but very few shares as WFMI has moved higher by this time. Thinking that perhaps it will make another leg down I then started shorting into the further rise after. This was not the case and it continued up until it moved close to $61. I had to take stop losses and not allow this trade to take away more than a week of trading. I started to scale out and sure enough it started moving back down. I continued to lower my size through the day while at times selling into moves higher with tight bids to cover. Interestingly enough I did get a Laurel short signal and instead of making money with WFMI it turned into a loser. I believe it will retrace back but being correct is not enough. You have to time it out correctly too.
    I closed out some trades and had one really nice one today. So all in all it was not my favorite day but considering the run I have been having and how my month overall is going I can still smile.
    JDSU gave a great William signal that I put some size on. As a result I made a very nice gain and that helped out on an otherwise cold day in Wisconsin.
    I closed out some overnight/swing options trades today. I am especially happy with MTW as it finally gave me that open drop I been waiting for. I was busy with WFMI during the close so I was not looking for new overnight trades to add. I will be again tomorrow though. With it being Friday it will be good to capture some time premium over the weekend. I started to close a small amount of TIVO at the open and when it started to move against me I just lifted offers to cover. It looks like moving quick was the right thing to do and it kept my loss from getting large. It was a mistake to be in TIVO to begin with and I was not going to let it get away from me.
    EXPE + 41 AH trading on earnings
    GSIC + 48 William signal
    JDSU + 884
    MTG Feb 9P + 19
    MTW Feb19C + 184
    MWW Mar 15P + 89
    TIVO – 333
    WFMI – 4662 (still short as of this post)

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