Closed positions stopped FB closed VRNS

I had been hopeful that yesterday was just a pause and the upward motion would regain.  To that end, I added to my VRNS position and bought FB.  I closed both today.  It was not pretty overall in the markets.  THE Qs pretty much paint the picture.

First FB.  I set 64 as my target to hold.  It didn't I took the loss at 63.95, which saved me from quite a bit of pain as FB sold hard.  I could look at the chart and see some support at 62 and hope that would hold but that is how you get into trouble.  64 and the 20Ma  was support under my theory.  Took Less than a 1R loss.  I believe that the position size and risk parameters were suitable given the circumstances as this was not set up for a "big" trade.

VRNS:  This one just pisses me off!  I let a beautiful profit get away. In at 25.57 I had over a 20% profit within a 2 week period.  I ended up selling at $27.05 after increasing my position by 20% at $29.28.  So I exit with a profit but just a fraction what I had a few days ago.  The lesson I take away with these thinly traded stocks is that you have to take the profit when it is there because it can vanish quickly.

That being said, in some ways this trade marks the progression I've made as a speculator. My mistakes are still resulting in profitable trades.  In years past, a mistake would be a loss and then would be compounded by bigger losses.

Long FB

FB has recently had a nice run but topped out at 68 and retreated to the bottom trend line.  I'm bought on the theory that the trend line and 20MA will provide support and a good entry for a bounce.  In addition, the interday looked close to putting in a reversal or at least a tail until late day selling.  This type of trade give a good R to reward type entry.

DFS It doesn't pay to discover.

Markets rallied on a China Interest rate cut.  Stopped out on DFS for .90 loss.  I think the stop was probably too tight.


My profit stop in FB got hit so I took a .20 profit.  ( sort of a stupid and pointless trade)

NEW positions.

The markets rallied hard today off of news that Europe may attempt some type of bailout.  I'm not buying the butter flys and rainbow.   I used the rally to take a number of positions.


I had previously had been long DFS but got stopped out after the breakout failed.  Failed breakouts usually make great shorts and so i went short after today's rally.  I got filled on 100 shares.  I had some additional orders incase the rally went higher but I didn't get filled.  So I'll use this as a test position.

FB had a big rally this afternoon  after languishing most of the morning.   I have a position for a small move. Short 100 at 26.88

 ON MAKO I went long.  as it looks like it put in a bottom after a major gap.   Its traded higher but still close to the lows which makes a nice place to put a stop and a decent risk to reward trade.  Long 250 at 22.97

 I also went long Oil via the USO ETF.  Similar to Mako there appears to be a rally off a bottom, which  allows a tight stop.  USO has been prone to "V" shape recovers so here's hopping.

FB

Took a shot on FB:

Bought a 100 shares at 40.02.  I could have flipped it out at at 42 at several point during the day.
It ultimately closed at 38 and changed on the first day of trading.

I have a "feeling" that the underwriters will continue to support it and that the overall market will bounce from oversold conditions.    Bloomberg reported that the underwriters stepped in to hold it over 38 because it would be an embarrassment if it traded lower.  I don't see that going away over the next week.   All eyes are on this one, and if they mishandle the ipo, Morgan Stanley and  Goldman risk losing future ipos.

Its a theory, and I don't have a large position. Obviously, because it's an IPO there is no trading history and no chart worth showing.

I may consider shorting LNKD as a spread trade.  If FB doesn't hold, LNKD sure as hell is not going to either.

Day 2, Big gap  down.  it then set up with a nice bottom at 33.50.  I bought off the break out at 34 (slippage to 34.10)   Put a nice rally to 35 before selling off.  At this point, I need to realize I'm not a day trader.  I'll bang it out 1/2 on a modest move

DAY 3, Gapped down past stopped, executed manually pre market at 32.90  for a 2.5% R loss ouch.