Robert Weinstein Trading Blog

A good day but left some on the table with a couple.

I started out today in premarket trading with OTEX. I had an offer way above the NBBO get lifted and that started out my day. It appears there was a lot of opening buying orders because the offers were hit fast and hard. I faded the first 15 mins scalping back and forth. about five minutes into trading someone decided they didn’t want to own (or maybe they shorted) OTEX any longer and all my bids were hit at once with over a 50 cent difference between the highest bid which was way under the NBBO and the lowest one which was even more so under the NBBO. perhaps multiple stops triggered I don’t really know.

OTEX It moved back higher again and I started shorting it once more as well as scalping it as it moved around my basis. It fell again and I closed it out with a nice gain. I came back to it with a little more than two hours to go as it was giving a WW short signal. As this stock was so strong today and exploding with volume I almost passed on going back to it with a short. The changer was that the overall market was getting beat up and I thought if it can actually fall some maybe some profits will be taken and or some stops hit. It jerked around quite a bit and I was very watchful for it breaking above a previous bar as I did not want to be short if it ran to new highs. It finally did break down but I was short a small size. I was also stopped out on some of the shares when it retraced before its large move down. I covered at 44.03 only to watch if free fall from there. So I have to give myself a failing grade on the exit as I did not have a reason beyond the PnL (and the thought of it bouncing off the round number ) to exit at 44.03. I would have made another 30 cents or so (I would have been stopped out if not already exited when it came back towards 44). In the end I made a bunch but could have done better. + 638

AGN was a call out from the chat that worked out well. took a couple of stops and only traded 100 share lots with a maximum of 200 shares. + 76

AMED was a WW long that was stopped out + 4
BAC 0

MWW was a tough trade. I really thought it was oversold and especially so after they announced they were buying from yahoo. I took several stabs at it including one very aggressive were a lot of the gain was made. The first time it broke above 13 I bought it just under and as it went higher I added and added to the trade thinking it would go to 14. It stopped short and found 13.50 to be the ceiling on that try. It came back down and as it did I covered. It went to 13 and as it neared 13 I started buying again. once it went under 12.90 though I started looking for the exits and started to stop loss cover which as it turns out was near the LOD. Once it came back higher I no longer wanted to try to be long this or any other aggressively on a day that overall was getting killed. I did make some as it went back higher but kept the size small and missed most of the move to above 14 later in the day. Lastly, I looked at it again in the 13.50 range with less than two hours to go thinking it had a real chance to take a peek at 14 again but I had a good day at that point and with the SPY at the LOD I thought I would leave well enough alone and wait for a better time/trade. + 234

NOC was frustrating. A call out from the chat that I joined in with. I sold a little above 60 and thought I was going to do well even with 100 shares but it came back and I was stopped out before it fell off a cliff. Everyone else did well but this one didn’t work out well for me. + 9

TM was beat up big time again today. I took a couple of what ended up to be scalps as I was stopped out both times. Looking at the chart today all it did was move back and forth in the opening range. It is also a gap plus one so I wrote a couple of feb 65 puts to hold for a few days while things settle down and the IV goes down. + 39

+ 1003