Behold the dodeca!
First, a gap down on the DOW! This made me smile. The funny thing is, the media doesn't even care anymore. Below 8k? What else is new? All the headline
s were about job cuts and decreasing expectations for corporate profits. I don't really keep up with general market sqawk in terms of trading, just out of interest. There are those panic days when financials and baskets move with DJI. Those are generally profitable, and thats why I do it.
Second, I loaded up the usual interests: ABK, FMD,PMI,DSL, BKUNA, FIG, and the Citi's. I remembered the latter two because of Ramta's tipoff of C's recent volatility. Nice hint. I began watching C closely. My immediate impulse was to short at the 3.20's. It was easy to borrow, there was sideways action and this was my hunch. Good as hell thing I didn't. When I saw the spread go to 0, I knew shit was going down. By now I had left the bottom of lenoir and was waiting for my class to begin. It moved a 3 cents, but thats all I was looking for. I pulled the trigger at 3.23, and sat back as 381 lecture began. Today was Quantifiers and Predicates. Also the first homework was not due today, as most of the class expected. While they breathed a sigh of relief, my heart beat grew faster. C was now holding steady 9 cents higher than I bought. I don't gamble less then 1000 share positions. Do the math. Then, it really took off. I could only imagine giving the alert of the GOTS boys, but I'm sure someone else caught the 3.20/ask bid equivalence just as I had. My thoughts on this are that a huge increase in volume set the dealers momentarily back on where to price. But, I honestly have no idea.
Well, it hit a high around the 3.50's. My experience told me now was the time to sell, but I held on the hopes of making this a weekend hold. I used trailing stops and thought that 3.39 would be enough breathing room for the inevitable selloff after this 10% breakout. WRONG. You win some you lose some. C is currently holding steady in the upper 3.40's.
But hindsight is 20/20. Today I made money, that is all that matters. I'll save my remaining trades for next week, but I really want a weekend hold. Perhaps something else will catch my attention before days end.
