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"Well for one you should never cover a short on a run up."
Gee, Harley, I got really "screwed" in corn today. I shorted a couple of
weeks ago and have had a little profit in it until yesterday. The USDA
released a really bearish report yesterday and the market started on the
downside after the opening. I had a few contracts and my "closest friends"
had some also. We were all going to get rich on this one. I had about an
eight cent profit for a while yesterday. Finally, today, I got stopped out
two cents above my entry point (above the fib retacement and downtrending
line) and ten cents above yesterdays low. I need for you to explain a
better way to protect myself from the conspirators at Cargill (those
bastards bought out Continental yesterday and I'm sure they decided to
specifically go after my corn stops). In the future, should I let my
losses run in a short position? I was in a similar position a couple of
weeks ago when I was short the yen. I was in a "short" position and I kept
moving the stop down and the market started to "run" up and I got stopped
out with a $1,200 profit. Maybe I should of stuck around. Remember you
say:
"Well for one you should never cover a short on a run up."
If I would of taken your advice, I would of only been out of pocket an
$13,000 a contract. But hey, the yen's coming back down and who
knows...one day it might even come back down to the level I got stopped out
at.
Harley, you seemed mystified why Rick would take a shot at your postings.
I can't speak for Rick, but I think a lot of what you say is very
dangerous.
Steve Karnish
CCT/CTA
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> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: Metastock list <metastock-list@xxxxxxxxxxxxx>
> Subject: NWAC, KEA, AMAT
> Date: Wednesday, November 11, 1998 12:40 PM
>
> It looks like I have a few more minutes. Rick had suggested that I cover
> these losses and move on. After taking a break over the weekend, I have
> decided that this is not the time to be covering any of these shorts.
> Well for one you should never cover a short on a run up. If it is going
> to be a loss then cover it while the stock is taking a breather. Also
> the market is due for a correction, so it doesn't make sense to cover
> any of these until a correction is over with. I also believe that we are
> not going to get a rate cut on the 17th of November. This will also drag
> on the market a little. So in a nutshell now is not the time to cover.
>
> As far as AMAT there is a pretty good stochastic divergence and past
> experience tells me that the stochastic eventually wins. Also AMAT comes
> out with earnings around the 17th or the 20th of November. So it is
> worth waiting at least until then. to make any decision.
>
> KEA is a little bit more bothersome to me because they are fundamentally
> a better company than NWAC and AMAT.
>
> NWAC I had explained earlier.
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