Weinstein Trading and Fading

[zxlynette]

Today started out well and then it changed.

I had a couple good trades and then I was totally run over by a MAC truck. Well at least it felt like I was ran over. I did totally cover so I am flat other than my swing trades

CPRT + 995

MAC - 3898

AGEN + 140

- 2762 Day
+ 13920 Week / Month

QUESTION:

How did you know MAC will have a trend this day?

I use TRADEIDEA to find stock which have very high volume than usual or stock which open high(5%) or open low.But the tradeidea alerted me MAC very late near the maket was close....you know,usually,when the trend is almost over,then Tradeidea will tell you.Very late...

Do you use some software to help you to find stocks?Could you tell me which signals you usually use?

Best wishes and a happy day!

 

[Robert Weinstein]

QUESTION:

How did you know MAC will have a trend this day?

I use TRADEIDEA to find stock which have very high volume than usual or stock which open high(5%) or open low.But the tradeidea alerted me MAC very late near the maket was close....you know,usually,when the trend is almost over,then Tradeidea will tell you.Very late...

Do you use some software to help you to find stocks?Could you tell me which signals you usually use?

Best wishes and a happy day!

Hello Zxlynette,

Thanks for the kind words.

I guess the quick answer is I did NOT know that MAC was going to trend as far as it did or I would not have lost money in the trade.

I had another person ask me about MAC on another board and I had to look closely at the chart to try to remember it. I don't actually remember the trade and so I had to guess about what happened. Based on the chart I think that MAC fits a pattern that is a weakness of my setup criteria and for the most part its been fixed. I have had a few like it that either I lost money with or I made very little with.

I use a custom scan that uses TradeStation radar to find the stocks that I trade. It works pretty well and I also use StockFinder for scanning and backtesting.

Best to you

Robert

 

[Robert Weinstein]

Had a really good day today

I was able to get some size done to help lower my commissions and made a few bucks in the process.

I put a bid in for the ASIA calls I wrote and they were hit today. I could have just as easily let them ride and in fact offered them right back at a higher price. The volume is so small on them that it just makes me mad that the MarketMakers in options still have the monopoly that they do with making markets. I look forward to that day being over and the volume of options exploding higher.
ASIA Jun 22.50 calls + 261

OSG worked out really well. I put some size on it and really made some nice gains including full target as well as scalping some.
+ 3182
LDK blasted off and didn’t stop going until it was up over 21% for the day and over 14 a share. I started a bit early with scalping it but when it went over 14 I stepped on it pretty hard. Turned into a good trade but could have been better had I allowed myself to stay in it longer.
LDK + 2296
HAR + 306
EDU started out on fire today and then fell big time
EDU + 1000

+ 7047 Day
+ 13456 Week
+ 30093 Month

 

[Robert Weinstein]

tough day today.

Traded SWN and SLB and just did not trade up to my ability today. I am going to a local baseball game with my family tonight and plan on relaxing and clearing my head again.

While I did make money with SLB I should have made a lot more and while I lost money with SWN I should not have lost any. Tough day at the office and the only good thing to come out of it was that I did some exercise while waiting on the trades to play out. In all fairness to myself SWN was much to do with risk management and making sure that SWN didn’t get away from me and cause a big time loss. Had I been willing to risk more of a loss I could have done alright with it.

SWN - 3544
SLB + 947

- 2597 Day
+ 10859 Week
+ 27496 Month

 

[Robert Weinstein]

Pretty slow day

Traded SVNT during the open and did better than expected as it worked out about as good as a guy can ask for.
I also watched SPNG which started out making another day of gains and then totally fell off the cliff. Was interesting to watch the action. The OTC market scares me as it seems even more of a gamble than what the mainstream market offers.

Tried again to get a fill on some EFPs but again no luck and I was only asking 2.4% for Julys so after transaction costs it gets to the point of not being worth it. I will have to find out what are the most active SSFs and maybe go from there.

Still watching the fixed income market. Looking at buying the 2yr Tres and shorting the 10 yrs via selling OTM calls against the Sep contract.

SVNT + 1024

+ 1024 Day
+ 11833 Week
+ 28520 Month

 

[Robert Weinstein]

SVNT moved higher today and I traded it.

SVNT gave a nice shot up right away and a fade in it proved to be very profitable. Of course hitting near the HOD on the sale and the LOD on the cover doesn’t hurt any either.
SVNT + 710
TSRA feel again today and I covered the calls that I wrote for a small gain. I would have like to have gathered a bigger gain but the stock has been very strong and this may be a simple pullback on its way higher so I let it go.
TSRA Jun 25 calls + 205

I did get a signal with RMBS and I both traded it and scalped it.
+ 2809

I also sold some more GE puts today. GE JUL 12 for .37 each.

+ 3725 Day / Week
+ 32245 Month

 

[Robert Weinstein]

Crushed it.

No other way I can think of naming the trading today. After RMBS trading yesterday and seeing it close near the high I knew that it was near another type of setup that I use and if it opened today moving higher I was going to fade it. I waited for the first few minutes of trading to give it a chance to move higher and then I stepped in front of the train and started putting some size on a short fading it as it moved higher. This worked out really well and perhaps I should have held some through the day but I was really hoping the market would rally and RMBS would move higher setting up an overnight short. All in all a great trade with almost no pain in the fade.

RMBS + 3244

STEC was really sweet on me and I was able to not only scalp some but I was able to trade it twice today. during the first run I was able to get a full profit target and closed it out pretty soon after the open. In fact I was totally flat again within the first hour of trading and just started waiting around for another setup. STEC did give me another kick at the can and I really stepped on it when it went over 23.80. while I don’t really keep track I can say that this is a best one day on one stock gain for me. I do count it as two different but related trades though. This also makes today a one day best for me as well. Ok, so after I wrote what I did about STEC I have to come back and add this. I traded STEC a third time for the day and made another nice gain for just scalping it.
STEC + 10180

new best day

+ 13425 Day
+ 17150 Week
+ 45670 Month
~ 88K shares

 

[Robert Weinstein]

Not the same as yesterday but a good day regardless

It was a rather slow day though. My trading was done rather early today but I was able to make some gains.

SVNT jumped up once again. Second time in three days that it gapped up.

SVNT + 1096

I am also looking at STEC for a swing trade to the short side. Will follow it again tomorrow and see how the price action works out.

+ 1096 Day
+ 18246 Week
+ 46766 Month

 

[Robert Weinstein]

Turn around Thursday

I am writting this before the day is done but so far it does appear that the overall market is going to have a chance of closing higher today after three down days. STEC continues its climb higher and I have started to short it. I will be looking for a retrace in the STEC move.

NNI was a quick scalp
NNI + 33

I did get some signals today and made some other trades as well.
CI + 424

WPI + 419

Started out a bit early with HLTH as well as went larger than normal size due to the price of the stock and paid dearly for it. I missed the merger news so I have John in the chat to thank for pointing that out to me.
HLTH – 6801

- 5924 Day
+ 12322 Week
+ 40842 Month

 

[Robert Weinstein]

Friday option expiration day.

I spend quite a bit of time looking for mispriced options but did not find any. Not all that uncommon as I normally only find them about once every two or three months.

Exited STEC today. Will be looking to short again if it makes another push higher.

STEC + 225

I do have some options that I wrote expiring today so thats nice. They dont show up in my IB PnL so I manually add them here

LVS JUN 2.50 puts + 401

LVS JUN 5 calls + 510
LVS stock called - 309

GE JUN 13 Calls + 582
GE JUN 12 Calls + 151
GE stock called - 437

With GE I also did not have the stock covered with the JUN 13 calls exercised so I sold SEPT 13 calls for .82 each

+ 1122 Day
+ 13444 Week
+ 41964 Month

 

[Robert Weinstein]

I didn’t expect much on a down day like today.

I didn’t get much either. I traded a gap up (in part due to the hugely negative texture of the day) and another quick scalp.

I will be spending much of this week getting up to speed on fixed income and looking to add methods of protecting against higher interest rates as it appears to me that higher rates are in Americans not to distant future.

MEDX + 832

ERY + 57

+ 890 Day / Week
+ 42854 Month

 

[Robert Weinstein]

First day of watching and actually trading the 10 year Treasury Futures.

I have been spending a lot of time reading about fixed income and wanted to just do a couple of quick scalps and I find that the market is very huge and very thick. I can see why so many spend their days in the fixed income area and it does appear that money is to be made. I am very glad to be adding that tool to my workbench.

ZN- sept 10yr + 36

PCS was a small scale short on a gapping stock. Down days (at least during the open) really make for good markets to be shorting strong stocks.

PCS + 682

APA was news related. They released a press release saying that they were guiding lower and I quickly hit the sell button to try to scalp a few pennies. Ended up doing it twice with both times using very small size.

APA + 120

As I talked about in my previous post I am becoming anti bearish with INTC and shorted some AUG 14 puts. I will add to them if INTC falls further.

Still watching GE. I am of the feeling that GE will have enough influence with President Obama that President Obama will back off advocating any major changes in GE in regards to GE capital. It may take a week or two but I think this will turn into another one of the comments made that will just go away. Not unlike how business trips to Vegas are no longer evil.

+ 840
+ 1730 Week
+ 43694 Month

 

[Robert Weinstein]

Lots of shares today

I ended up spending much of the afternoon scalping AM back and forth. I kept a few shares short for tomorrow and will be looking for a pullback after today big run up.

AM + 1100

Traded a few contracts again of the T bond futs. Again just scalping it and getting used to how the contracts trade.

ZN + 43

SONC + 747

MGM was actually a long for me. I don’t normally go long stocks in day trades but MGM gave a window to scalp it for a few cents and I grabbed it fast.

MGM + 466

Tried to get something going with AES but walked away.

AES + 40

+ 2397 Day
+ 4128 Week
+ 46091 Month

 

[Robert Weinstein]

Yippie !!

Ok, maybe not the most professional words to come out of the mouth of a stock speculator but that was a quote from the chat room of what I said when I was short LM as it feel over $1 a share in about a minute. News hit the wire that a fund was not increasing its stake in the stock after it had been reported that they were. This of course must have been a great payday for whoever planted the story but it was great for me as well. The timing was especially awesome as I put out a tweet on twitter that I was shorting it at 26.65 and it just made it above that point when it broke. That of course was luck but it was still fun. I had some covering bids in that where hit with lightning speed when the news was breaking. I also covered some shares manually by discretion and that worked out well to give me a much better than normal profit. I also had pretty good size with LM so that helped as well. LM could be the highest single trade intraday trade I have had this year. I made more last week with another stock but that was over several trades during the day.

LM + 6441

AM was my carry over from yesterday and some was actually covered in after hours last night and some in premarket this morning. I covered the rest during the open and did pretty well with it.

AM + 608

BBBY was a scalp for a couple of hours in the morning.

BBBY + 573

SINA B7 + 203

CERN was a quick scalp + 17

I shorted WLT near the end of the day and will hold it overnight + 12

+ 7857
+ 11985 Week
+ 53948 Month

 

[Robert Weinstein]

Not a very busy day today. I did watch C-Span online and watched some of the house debate

Of course I am against the cap and tax measure but as I write this it appears there will be a vote on it later today and if there is going to be a vote most likely it will pass.

I did have some trades today and one really nice one. I also covered much of WLT my holdover from yesterday that I shorted into the close.

WLT + 647

PWRD was a stock called out in the chat so I would like to say thanks to Sun789 for pointing it out. PWRD is normally too thin of a stock to trade but the volume has really built up in the last few days so when it was overbought and giving me a short signal I went in slow and small. PWRD turned into a very nice short.

PWRD + 498

MR went on fire and I put some size on it as it moved higher. Once it broke it didn’t look back. I thought I was going to be able to scalp a lot more than I did but of course I am still very happy with how it turned out.

MR + 3319

I also shorted AM with about an hour to go in the trading day. I wanted to short in some size but the volume really dried up so I only put on a small sized short.

+ 4465
+ 16450 Week
+ 58413 Month

 

[Robert Weinstein]

I wasn’t expecting much today

I did get more than I thought I bargined for with FUQI. I was fading/scalping it during the open and IB ran out of shares to short. This was a problem as I was not able to trade as I expected to be able to. In all fairness to IB it is a pretty thin stock until recently and other brokers did not have it available based on feedback in the chat. I did trade it in two seperate series but I did not get target on either. I ended up just scalping for smaller gains and while that worked out it was frustrating non the less. On the third short for the day I was of the feeling that the price would break down but worried that I could not trade my own way caused me to take a 15 cent gain and call it good. As fate would have it, the stock did break down about five minutes later and I would have been able to make a full target but it was only 350 shares and the volume was drying up so I do feel like I made the right choice.

FUQI + 1542

MED had some good news out from Friday trading and moved higher as a gap and was able to climb further. I stayed very small in it.
MED + 102

AM was my hold over from Friday and I scalped a few shares as well as stay small as the volume dried up. Holding overnight for a bigger retracement
AM + 16

+ 1661 Day / Week
+ 60074 Month

 

[Robert Weinstein]

Today should be called travel results instead of trading results.

My wife called me more times today over plans to go to Tahoe and San Francisco today than she has called me total in the last three months.

Looks like we are going to go for a week as this is her last chance to go anywhere on a jet before my next son is born.

Other than looking at the emails of the hotels etc… that she sent me I also managed to make a trade or two in an attempt to try to pay for this upcoming trip.

Still trying to make a buck or two with AM but it was again acting very strong. I am holding it over but I did manage to scalp a few dollars out of it as well.
AM + 6

I faded the APOL move higher today and that worked out well. I kept my size small as its a pretty big dollar stock
APOL + 615

FUQI gave me another signal today and once again I ran into a problem borrowing shares to short. It would have turned into a very big winner for me had I been able to step on it but that was not to be.

FUQI + 76

In after hours trading MYGN was brought to my attention by MadBadger in the chat room and I made a few bucks with a quick trade. Thanks Mad !!

MYGN + 311

+ 1009 Day
+ 61083 Month
+ 112,000 Quarter (not exact)

 

[Robert Weinstein]

spent much of the day trying to figure out how to save a bunch of money with last minute travel plans…..not an easy task

Still trading AM and moving up my average basis. I was able to cut back on my overnight shares and I guess we will find out if thats a good or bad thing tomorrow. On the last move higher when it went above 12.20 i started to add enough shares to double my size but did not really pound on it hard as I was looking for the 12.90ish range to do that. the current closing price is my BE price so I am ending today better off than I have in the past two days.
AM + 326
OSK + 109
MYGN was bottom picking and at the close I bailed near BE + 35
MGA was a pretty good short but only made target on part of the shares, rest was stopped out + 305

+ 776 for the day / Month
+ 3446 Week

 

[Masquerade]

Keep it up Mr Weinstein - you're the sickest.

 

[Robert Weinstein]

Started out as a fast day

That quickly changed after getting done scalping ELN for about an hour. I still traded AM today and while I missed the opening drop I faded the move higher and then with about an hour to go I covered most of it near BE. I brought my size down to 200 shares with AM as I am leaving for nevada tomorrow and did not want to be thinking about it over the weekend. I did keep the 200 shares short as I do actually think it knows how to have a down day even if today is not it (along with the past seven trading sessions)

ELN + 732
AM + 115
+ 848 Day
+4294 Week
+ 1624 Month