Closed All Short Positions

I've decided to quit fighting the market, which makes no sense whatsoever with regards to market sentiment. I've closed out my positions in SDS, QID, and DXD. I guess this is a lesson learned the hard way. I've tried to legitimize in my mind why the market should be headed downwards, but I guess if the government wants to throw hundreds of millions of dollars at the problem, then that is enough to sway the market and other investors.

I believe we are headed down a very slippery slope and am really struggling with having a positive outlook on the U.S. market. Lack of jobs, continued uncertainty, inept legislators, and a poor housing market....what's not to be positive about? I envision that many people are going to get hurt again, so I'm going to keep my investments small and precise.

Pre-Market Purchases

I just purchased some shares of QID in the pre-market at $14.34. I'm dumbfounded at the gold pricing hovering near $1360.00 and how the market continues to trend upwards, so I'm trying to leverage that by shorting the NASDAQ via QID prior to the job numbers coming out tomorrow.

Vacation Trades

I just returned from a trip to Seattle/Everett, Washington to visit family and a few friends. Even though I was out of town per se, I was able to piece together a few trades, which have proven profitable.

I picked up 100 shares of QID at $16.57 and 1 POT Sep 2010 $110.00 call for $4.20. Right now, I'm still very heavily weighted against the DOW, NASDAQ, and S&P 500.

On a side note, it was great to see my two nieces and a cousin that I have not seen for many years. My brothers is getting into the hat designing realm and is an awesome artist. I'm going to be his first customer, so I will have to post some pictures when I give him my theme and get the hat.

Tomorrow's Trades

I will be trading from home tomorrow and definitley very anxious to see how my play in Adobe (ADBE) and my 2X short positions in SDS, DXD, and QID play out. I'm also keeping an eye out for YRC Worldwide (YRCW) and Dryships (DRYS).

I just read a basic online trading book this weekend from Christopher Farrell "Day Trade Online" 2nd Edition. I enjoy reading trading books and delving into ways other traders view and trade the market. The book is pretty basic but reminds us how important the bid/ask really is and how influential the market makers and NYSE specialists really are, so try to be with them rather than against them when entering/exiting trades.

Anyhow good luck to all and if anyone is reading this blog and wants to comment on stocks they are watching tomorrow or books they would like to hype then please comment.

No Handlebars

I can trade the market with no handlebars! Market had a nice run-up, however I think that its time that it made a pullback, which is why I picked up some QID on Friday. For your listening pleasure, I have included a video by a local Denver band "The Flobots."