To: Hugh M. who wrote (27 ) 3/26/1998 10:26:00 PM From: marketbrief.com Respond to
You should have seen us trade today. If our web site had been up it would have been a sight to behold to watch the fur fly on our live commentary He Said/She Said. To set the scene, I had to be at my accountant's office by 10:30 Pacific. I covered by short on FMI.V at $6.60 not too long into the trading day, cause these things do bounce. Last night I noticed that the 60 minute gold chart was looking good, basing after a pullback, with a daily buy signal pending. So after pocketing the trade on FMI I looked at my watch and thought, I have to make breakfast and do a couple of things before I leave, and Barrick was looking really good, so I bought some for a flip at $28.15. It goes down to $27.95 and He Said calls me to confirm my stop at $27.85. I said ya ya and went to make breakfast. I come back to see ABX up 40 cents and I see that there is a gap around $29 so I let it go. Then I realize I'm late so I watch it for a little more and call in to sell it at $28.80. I figured this was easy money that I wasn't going to make today so who cares. He Said calls to tell me they're buying the shit out of it and not to sell it. I say who cares cause it was free money. I tell him I'm late. He says he'll watch it for me. I say forget it cause he can't see my chart. He tells me he has eyes so he doesn't need a chart. I say I don't want to risk a zillion dollars on his eyesight and rather just have some free money. I tell him to sell and the trade is executed. I'm driving around town and he keeps calling me to tell me it's going higher. So is this other thing, ATF.V, I think. I told him who knows, its already up some more, then he tell me he thinks its going higher. Well, buy some more then...at the end of the day, he is agonizing after flipping this ATF twice for a very tidy sum but wants to load up for tomorrow. I said go ahead...then he says ABX closed at $29.95 and I left too much money on the table, that I should let my profit run. Why didn't I let him trade for me? I asked him why doesn't he let me trade for him. He says he won't because I'd sell everything. I said he can't trade for me because I'm not interested in watching a stock make a round trip with my money at risk...it was a tragicomedy for two pros, but we made $$ and had a great fun day! To me the bottom line is that we made easy money with no effort. As professional traders we have to go up to bat every day to make a living. There is no need to make home runs. Just hit the ball and the game will take care of itself. No, he didn't buy more ATF...tune in tomorrow for "As the market churns". I am meeting with the software guys to see the preview of my web site. Should be ready in a couple of weeks...can't wait!
