Monday, November 05, 2007

Nov 5 Spike Daddy 2k

I spent most the day around breakeven to +$500 making money trading futures and losing money trading CROX for being a POS that wouldn't bounce for nobody. I got the aftrnoon spike on YM and made some bank. Unfortunately my internet connection to IB mysteriously got disconnected right as the spike was occurring!??!??
By the time I got a hold of a rep at IB my connection was back up and I closed out my LONG positions myself. I then watched the Dow pop another 50pts, kicking myself not knowing what was going on because my computer had locked up and my charts were frozen.

Keys of the day-
1.Don't try to catch falling knifes, Cramer got CROX right today, I on the other hand should have known better.
2.Watch what the weakest stocks in the market are doing.
3.Watch bond futures.
4.Get a good internet connection
5.Have your Broker on speed dial and know your account #
6.Have catastrophic stops in place for all trades in-case something freaky happens
7.Don't add to losers on strongly trending stocks
8.Beware the afternoon reversal

Highlight stocks of the DAY-
CROX- The shoemaker is taking a beating, FINALLY the shorts are recovering....

The stock (CROX) had soared 246% this year, ignoring safety concerns about the shoes, a wobbly retail market and even a warning from my colleague Christopher Williams, who figured the shares, then 46, were priced for perfection ("Time to Take 'Em Off, for Now").

Although Crocs posted record third-quarter earnings Wednesday, sales missed expectations, as did revenue forecasts. The stock lost 36% of its value Thursday

PTR-PetroChina Becomes World's 1st Company Worth $1 Trillion After Shanghai Stock Debut

SHANGHAI, China (AP) -- China's biggest oil and gas company, PetroChina, surged past Exxon Mobil on Monday to become the world's first company worth more than $1 trillion, though most of the company remains in government hands.

The publicly listed unit of state-owned China National Petroleum Corp. saw its shares nearly triple in value in their first day of trading in Shanghai, following an initial public offering that raised 66.8 billion yuan ($8.94 billion) -- record for a mainland exchange.


Anonymous said...

I also took a hit with CROX as well. Got in Friday after the big shave on Thursday at 52 and still got hit. Finally bailed on this downer at 47 1/2 today

Sure glad I didn't double down on this loser.

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