I won't touch new IPO's at least for a few months, there was definitely some excitement surrounding ABNB, listed around 100, opened over 140. Looking at the early days of FB, WORK, TWTR are probably clues as to how ABNB will track.
Going public because some of the original investors want to cash out, I know someone who has a cost average less than $10.
. And the investment bankers need their pound of flesh, so time to soak the Robinhood account holders, and the GS whales.
What a couple of weeks, took my single biggest daily loss last week when an Iron Condor failed on me, and instead of being patient I panicked, sold the wrong part of the put spread, and took a high 4 figure loss, only to watch the stock dead cat bounce later in the day, and I would have been able to exit slightly green. No good having a trade plan if I cannot stick to it.
Yesterday - GLSI, supposedly found the cure to cancer or something, because it took off at 28, I missed the breakout, and did not want to chase, so only took a 1000 shares, took profits at 35, 40, and just less than 50. Stock went through more than 24 halts (I never trade once it goes over 3, usually), held a partial and watched it get to over 140. Sold most of the remainder at 124, and final this morning at 93. Left around 50K on the table though, and if my buy order had triggered as planned on the breakout, potentially around 5 times that. My mentor went short late in the day and had some butt clenching moments during the last two halts, but covered at 53, he cleared over 100K yesterday.
SLS tried the same thing today, was a 3 buck stock last week, and hit almost 20 today. One of my better trades as far as scaling in and out, and holding a partial as it consolidated then made a late day run - all out for now. SGMO was also a sympathy play, amazing how quickly the numbers run up with a few thousand shares and the stock moves almost $3 in a few hours. Small position left incase we see continuation tomorrow. VERU was another, not often these low float companies go parabolic on sympathy plays, and they can be risky as heck, but when they do go, the pay off is superb. All 3 contributed to a high 4 figure day, even in the face of option losses in WKHS, SPY and a couple others
As mentioned before, JMIA African Amazon, they announced an additional offering last week, stock retracted below 30, and was over 37 today. Tried to load on options but the pull back never caused the premiums to dip enough, down to last few contracts that I paid 0.86/contract and traded over 15.75 this afternoon. Trying to stretch that into the new year so I can start the balance sheet with a massive green number. Hindsight I should have taken a large position, but the stock was less than $10 when I bought Jan 20 calls, and for those high risk plays I only trade what I can afford to lose entirely.
Good to see SPY and the QQQ's consolidate today, but they also tested some low pivots and finished strong. Possibly we see a gap tomorrow, though there is supposed to be PFE news tonight of some sort, and that could affect the open. Looks like the LULU Iron Condor will pay nicely in the morning ,earnings beat but nothing huge, and no forward earnings given may hurt.
FANG names have been on vacation the last couple weeks, suspect we see rotation into those names in the coming days, at least if we want the bulls to keep running.
Holding a very large position (for me) in PLG, for an overnight hold play. New trade format I have been dabbling in, following a stock that trades on a strong trend all day, and closes at or near the HOD with volume in the last 15 mins. Can be a long or short play, though I favor the longs. If this extended move holds into open I will be done trading before 8am MST tomorrow
And just for
Norm, I stopped out most of the GOLD position last week when it went below 25. I had set the stop when I had added to the position, did not adjust, and ended up taking the loss. Meh. Between the vibrant market and BTC hitting highs, there is no love for the precious metals, and I don't have the patience to hold. Will rather hedge with some VXX calls, and some SPY puts, and hope I lose my ass on them.
Bagholding does pay off eventually IF you are patient, I have a large BA position in my wife's IRA I did not exit when the SHTF in March, cost average around 220, nice to see them go green last week. Don't think the run in BA will be enough to help some of my leap options positions that are due to expire in Jan, just managing the trade now to take the least loss possible. Flew Southwest on Sunday AUS - DEN and the plane was full, first time I have seen that since March, the flight Thursday though was not half full but that was late afternoon mid week.
You guys in oil and energy are braver than me, I have some USO positions that will cost more to exit than they are currently worth. Jan options expiry day is going to suck (BA, USO, and a couiple others, but the JMIA options will more than make up for it) I may just exercise 5 of the contracts I have so I can add to the equity position and drop the cost average at the same time. Might be the first time I ever exercise call options.
