Positions traded:
GGC
Short 1500 shares @ 2.82, cover at 2.90
$-112.76
$6340.43
I came into the day knowing I made a shitload last week and that after a huge Monday drop the markets would be very testy. Sure enough the FED responded by writing a plan to buy up short term debt and offering rate cuts. Honestly, rate cuts a while back might have helped the credit freeze we are in. How else were the markets to remain liquid with so many failures?
So... what did I trade. I played GGC today.GGC was a huge supernova. It went from 2.12 to 3.25 almost uninterrupted. I wanted a piece of this easy money so badly. Of course, with easy money in a stock like this comes lots of manipulation. A stock that moves like this on 0 news has shady traders involved. Slotmonkey in the chat room was talking about his position and then gave an "OK" to short. I foolishly listened. After missing the short above 3, I chased down to the 2.80's. I got a fill at 2.82 and it didn't even come back near it for the rest of the time I was in. It was between 2.84 and 2.88 for a good bit then it hit 2.90. The chart looked like it could rally off the dip and I didn't see this action to be squeezing so I made my exit for a loss. My exit was not a problem. The fact that I entered this trade was.
Really, the potential for a trading day should not be measured by the number of DAY TRADES I HAVE!!!! This is something I need to fix. Also, I need to stop watching Net Liq on my trades. I forbid myself from doing either of these from now on.
today was horrible. DJI was not moving with the penny financials and I really just rushed this entry.
On the economy as a whole, I can't call it, I can only react. Shorting bans are to expire soon. The FED & SEC will make their decisions and I, as an unofficial daytrader, will have to comply and react. I do want to make it clear while Wall Street was unregulated in this crisis, no one has the guts to blame the Americans who bought mortgages they knew they couldn't afford. Should not they be regulated as well? Just something to think about all of you that are throwing the blame around out there.
