Test Portfolios

[TraderPlayerPerson]

RM Update

I've added some more names. 100 shares of BHP. 200 shares of NOG. 125 shares of SWN. 150 shares of SPN. I haven't added any more shorts but I have BAC on my watchlist to short. I want to add more golds but I will wait for some pullback. I have some other stocks on my buy list, but I have enough for today and will wait to see what happens the rest of the week.

[TraderPlayerPerson]

RM Update

I'm selling my stocks today with the exception of CHK. Looking back, I started buying the day the market hit a low. Some of my picks have not gone up as robustly as I thought they would, and some (SPN SWN NOG) have actually gone down. I'm not impressed by this rally and especially the fact that the market has gone up 2 days in a row on rumors and expectations of more central bank programs. My holdings were TNH JOY XOM HAL SPN NOG SWN BHP XOM HAL IAG GG NEM and CHK. I'm also still shorting XLF and EEM. My idea for next week as of now is: if there is a sharp rally on Monday's open, I will short more financials. If there is a sharp selloff early in the week, I might rebuy some of my previous holdings, depending how bad it is. That's all for now.

[TraderPlayerPerson]

RM Update

I've also just snuck in an order to short 500 shares of BAC right before the close. If it goes higher early next week I will short more.

[TraderPlayerPerson]

RM Update

Right now my plan is to short another 500 shares of BAC tomorrow. I want to buy agriculture names such as TNH CF POT AGU MOS MON during another harsh selloff, around the time I plan on covering some BAC. I also want to buy some gold stocks again like IAG RGLD GOLD GG NEM etc at that time.

[TraderPlayerPerson]

Comment

I'll short more BAC later today. CHK was up a bit this morning and it was nice to see, now it's come back down. I'll get another chance to buy more lower.

[Deaddog]

I'll short more BAC later today. CHK was up a bit this morning and it was nice to see, now it's come back down. I'll get another chance to buy more lower.

Do you have a stop in place or in mind? How about targets?

[TraderPlayerPerson]

RM Update

I decided to short JPM instead of adding to BAC. I shorted 100 shares a little earlier today. I may add more short into XLF or EEM this week, or pick some more individual names. I'm not sure at this point.

Deaddog: I don't have a particular stop in place or a particular target. I think it depends on what the overall market will do, and I believe it will be going lower in the next few weeks. In all my "trading" history I've done better using "price action" than using particular stops and targets.

[Deaddog]

Deaddog: I don't have a particular stop in place or a particular target. I think it depends on what the overall market will do, and I believe it will be going lower in the next few weeks. In all my "trading" history I've done better using "price action" than using particular stops and targets.

What type of price action shows you that you are wrong?

I think I am using price action to initiate my trades(in my mind I am ) but going in I know what the price has to do to prove me right or wrong. Hence the stops and targets. It's also useful in determining my risk and possible reward.

[TraderPlayerPerson]

Comment

Deaddog: I'm thinking how to answer your question, but it's not easy. I have to consider so many things when I say, "price action" such as the news, what the overall market is doing, what other particular stocks are doing, my best guess at the overall sentiment. I've rewritten this response 6 times already.

Recently I was buying stocks on June 1st. I added more and the market has rallied since then. Many of the stocks I bought did not rally as I thought they should, considering what the market did. On the days the market was up 1-2%, they should of been up 3-5%. This in part makes me feel wrong on my stock picks(I am taking these for a trade, not for long term holds yet), and in part accounts for my bearish market stance on the next few weeks.

You can compare what SPY QQQ IWM DIA have done since June 1st versus JOY TNH XOM HAL SPN NOG SWN IAG GG NEM.

[TraderPlayerPerson]

Comment

I want to short more XLF and EEM either tomorrow or early next week on somewhat of a rally. Gold stocks were down pretty good today and I'm glad to see that. I hope to buy them back much much lower when I consider covering shorts.

[Deaddog]

Deaddog: I'm thinking how to answer your question, but it's not easy. I have to consider so many things when I say, "price action" such as the news, what the overall market is doing, what other particular stocks are doing, my best guess at the overall sentiment. I've rewritten this response 6 times already.

It’s probably a good exercise to try and put how you think about price action into words.

I have to admit I don’t pay much attention to what moves the market, just to how the market moves. Where has the price turned? How does it react to support and resistance? Is there a relationship between the price move and the volume?

I look at the trend of the overall market and try and trade in that direction. It’s been a rough year.

[TraderPlayerPerson]

RM Update

I'm shorting more this morning. Buying 300 shares of TZA and shorting 300 shares of MS. I expect a reversal strongly to the downside by the end of the day. If this does not happen, I will lighten up on my shorts.

[TraderPlayerPerson]

RM Update

I've sold my TZA. The market didn't reverse like I thought it would. I'll hold the rest of my shorts and see what next week brings.

[TraderPlayerPerson]

Comment

I notice today that many of the fertilizer names are up while almost everything else is down. TNH POT MOS AGU CF. This reinforces my thinking that after this hopefully nasty selloff is over, these names will be good buys. I'll be covering my financials at much lower prices when that time comes.

[TraderPlayerPerson]

RM Update

I'm adding more shorts on the way down today. I believe this will be another 2-3% down day like last Thursday. I've just bought 500 shares of SDS and 300 shares of TZA.