Shorted LEH --risky

[Goods]

@ 16.09 short

[whodi]

6 month chart looks ugly, looks like a double top and failed to make a higher high.

http://finance.yahoo.com/echarts?s=L...urce=undefined

[Goods]

Around 2:30, it dumps off like I expected under 16. Big volume on the drop, and I'm watching it for a bounce and follow it further down.

Except it rallies to near high of the day. And I watch it the whole way like an idiot. Luckily came back down some. Geez....I don't know what the hell that was about...

[whodi]

Originally Posted by Goods

Around 2:30, it dumps off like I expected under 16. Big volume on the drop, and I'm watching it for a bounce and follow it further down.

Except it rallies to near high of the day. And I watch it the whole way like an idiot. Luckily came back down some. Geez....I don't know what the hell that was about...

This was released around 3:30 and if u follow the trend, a lot of these financials starting recovering and moving up after this, your LEH was probably related to it somewhat. What do u think, LEH ran up right after this.

http://biz.yahoo.com/ap/080814/banks...ecurities.html

http://biz.yahoo.com/ap/080814/wall_street.html

[Goods]

I think Citi did the same thing last week, buying auction rate securites. Probably a smart move to avoid future gov't action.

Just came home to see this: Soros Fund raises stake in Lehman to 9.47 mln shares

I'm guessing that's what the big drop was, a heavy buyer grabbing all the asks at once and dropping the price for a minute. Then news spread and the buyers filtered in.

I'm wondering if I should bother keeping it into tomorrow with Soros behind it now. Financials are still a mess and I don't see the home/credit markets bottoming here but I'm not sticking around for a rally. Man, I'm trading like garbage the past few days. Too much going on at once.

[Goods]

Saw MBI and ABK off negative rating lists too. Might be a financials rally afterall.

[whodi]

Originally Posted by Goods

I think Citi did the same thing last week, buying auction rate securites. Probably a smart move to avoid future gov't action.

Just came home to see this: Soros Fund raises stake in Lehman to 9.47 mln shares

I'm guessing that's what the big drop was, a heavy buyer grabbing all the asks at once and dropping the price for a minute. Then news spread and the buyers filtered in.

I'm wondering if I should bother keeping it into tomorrow with Soros behind it now. Financials are still a mess and I don't see the home/credit markets bottoming here but I'm not sticking around for a rally. Man, I'm trading like garbage the past few days. Too much going on at once.

Your are going to have many ups and downs in this business. To stay afloat you have to remember the ONE KEY ELEMENT, LEAVE EMOTION AT THE DOOR. You have done really great trading. They all can't be winners. This is why this is a hard career to stay in because of the stressful highs and lower lows. When ever I feel I am not trading smart or doing trades I wouldn't normally do, I go take a break, and go back to basics. Don't burn yourself out and don't trade just to trade. I have a great book I will look for that I think you will enjoy. Its about a successful Multimillion Dollar trader who lost his whole live savings 6x and finally figured out his issues and he goes through everything he experienced and what he did to not get into the same situation again. Keep your head up man.

[Goods]

Covered LEH average around 17 ah and this morning (-0.91 or so)

Thanks Whodi. That's exactly what I'm doing, taking a few days off to take care of other business and get straight. Have a great weekend

[whodi]

Originally Posted by Goods

Covered LEH average around 17 ah and this morning (-0.91 or so)

Thanks Whodi. That's exactly what I'm doing, taking a few days off to take care of other business and get straight. Have a great weekend

U to Goods