Newsletter 10/09/08
Oct 9th, 2008 by Tony Oz
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UPDATE: 10/11/08
As suggested in the newsletter for 10/10/08 I made the following trades on 10/10/08:
1. In the morning I bought 8 ES (S&P 500 Index) contracts at 849.50 value: $339,800
Sold after it topped at 922 and came down to 905.50, value: $362,200
Profit: $22,400
2. I bought another 8 ES (S&P 500 Index) contracts in three stages at an average of 876.25 value: $350,500, and I sold them at 938.75 after the moonshot rally topped at 943. Value: $375,500
Profit: $25,000
Total profit for the day: $47,400
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On another note, watch where I call for the time to buy to be 1:00pm or 3:00pm. (about 5:40 on the video timeline) There was a 1000 point Dow rally after 3:00pm.
Nice presentation, I’m with you on the potential upside down side risks. Currently I am playing SDS/SPY and taking profits where I find them mostly from the shorts to fund my SPY build for the hopefully soon to come mother of all bear rally pop.
I have a question, how long in terms of weeks or months do you expext that the market with trade in the 800 to 1000 point range after the B/Rally that brings it to the range you showed in your newes letter?
did u stop out, to 840 sp man if u stayed in..
Chris,
I’m still long the S&P at 928. This was an investment that will be monitored closely over the next couple of weeks. As I said in the newsletter I was going to buy more if it went down, and I did so twice and closed those trades for $47,400 gain. I’m currently down about $17,500 on my invesment, but I’m not hitting the panic button yet.
Great Call Tony!
Tony Oz is still the Best
thnx alot :))
Hi Tony,
Congrats on your 2 trades on the s&p500 e-mini. You must have nerves of steel ;-).
What are your feelings when it comes to trading options? I noticed in your books you always go long or short stocks and I see you also trade futures but what is your take on options? Why day trade stocks when you can day trade options and have greater leverage and risk less capital? I am a beginner trader and so so I am interested to know your opinions. Thanks a lot Tony!
Rob (London)
Robert,
I sometime buy and sell options, both covered and naked, but it isn’t the majority of my trades.