My Life My Trade

Stopped Out

Of late, IYR seems to have gone parabolic. We all know how such parabolic moves end. Once the reversal happens, the down move that happens is faster than the parabolic move up. IYR broke out at $35 mark and should head there in a hurry.

I am no longer trying to play this by going long SRS. With the big moves up in bullish leveraged ETFs, I am going to play this and other downside moves by shorting the leveraged bullish ETFs, which in this case is URE.

A move down to $35 region should take SRS to $15 – $15.50, and URE down to $4 region. It is not uncommon for IYR to make moves of 8 to 10% to the downside in a single day. As always, any love shared is appreciated.

Contingent limit hit – SPY yesterday afternoon’s high-of-the-day.

2% gain for overnight hold.

Position size not disclosed

Stop contingent on IYR breaking Wednesday’s low of the day, $31.70

Closed all my short positions that I opened yesterday:

• SKF Jul 40 calls closed for 5.90 (bought for 4.50; 30% profit)
• SRS Jul 19 calls closed for 2.95 (bought for 2.30; 28% profit)
• MSFT Jul 24 puts closed for 1.27 (bought for 0.94; 35% profit)
• DUG Jul 17 calls closed for 1.60 (bought for 1.00; 60% profit)
• TSL Jul 25 puts closed for 3.50 (bought for 2.55; 37% profit)

Still holding onto the GOOG butterfly

During the day, I went long NQ at 1441.5 and got stopped out at 1440.5. And 5 minutes after that NQ ripped to the upside.. made me very mad at the Market Makers..  I decided to walk away from my computer at that point because I realized that I might try to force some stupid trades.