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At the risk of ticking off the real permabears out there, I have bought these stocks and am using these corresponding stop prices.
AAPL 79.13
ABFS 15.83
ACE 30.91
ACGL 44.71
AET 18.65
ALB 15.13
ALK 12.88
ARE 31.18
BBT 12.89
CPT 16.32
DOW 6.29
DV 40.60
FRT 36.91
HNT 9.99
IR 11.45
KOF 25.95
MAR 11.80
MET 11.36
NSC 24.99
ORH 37.52
PSA 45.34
UNH 16.17
VLO 14.99
WLP 29.31
Last night couldn't have gone better. As I mentioned on Sunday, the 30-point spike on the /ES was simply too tempting to pass up, so I shorted 40 contracts. When I ambled over to the computer screen this morning to see how things were going, it had fallen exactly as I had hoped (that is, a meaningful amount, but not piercing Friday's lows). I got out of the position, and I am watching /ES to see if this mutates into a good long position. I've tinted the "ride" I took on the /ES below.
While I have your attention, I have a question I've been meaning to ask the group…………regarding the /ES, "are there any others like you at home?"
What I mean by that is this: I only "discovered" trading the /ES back in October. That's only five months ago, but I feel like I've been trading it my whole life. Although I completely screwed up at the beginning, racking up six figures in losses in no time, I got my bearings and, since then, it has been the backbone of my profits and my trading.
Obviously I knew about the /ES before then, since it's a popular and widely-discussed instrument. But I let my fear of "futures" keep me from exploring it more deeply, and how I wish I had known how to trade this before I wasted so much time and money trading things like Russell and S&P index options! (whose spread still shocks me).
So naturally I am wondering, what else am I missing? What other highly-liquid, highly-profitable trading vehicles are out there whose boat I am simply letting sail by? I really blew it not getting into /ES earlier, and I'd love to hear other general ideas out there, if there are any.
I've been running around with my family all day. I'm short the /ES based on the fact that the 30 point spike we witnessed in a very short amount of time seems – – well – – really shortable. I personally don't think this is going to break Friday's lows; I probably will close on any meaningful softness and not hold out for the Big Kahuna.
As the arrows indicate, recent surges upward have been nothing more than new shorting opportunities.
