Tuesday, December 26, 2006

Fishing For Points

Today was a day for scalping the Russell 2000 E-mini. Objective was to get in quick and get out. We're still in the post-holiday volume, so I knew I should decrease my contract size to 5, instead of 10. Today's volume was approximately. 58,728 contracts traded, and the average daily volume 187,000 contracts according to CME.

I had a net gain of 3.58 points.

Nothing too exciting today. When I'm not trading in the Futures market I tend to take a glance at my old 50 stock trade screen I used to trade from each day, and I just think to myself, that is seems much easier to watch 1 chart, with MACD, Exponential Moving Average, and Stochastic.

Check out the panic selling in Telik, Inc. (Public, NASDAQ:TELK) down 70% today. Does this bother anyone to know that someone might have to 2nd mortgage their house to cover the losses in this stock for missing Phase III clinical trials on a lack of evidence to help cancer patients? Sheesh. I hope I never have to worry about a market I'm in, crashing 70% of my investment.

Also, I'm taking a 1 month test drive of Phil's Stock World & Options Recommendations. I've been reading his blog for quite some time now, and he's very knowledgeable, legit, and I love his market commentary. He had a average gain of around 80% gains in his realized option gains. He also had a 1400% winner in one option. I will keep an update of the progress and success I'm having with his website. It's $40 a month, and with winners like those, I couldn't refuse.

Can't Wait For the New Year & All that the Future Holds,


Anonymous said...

Good job today, nice profits. May I ask you what software you use? Those are some nice charts....

Anonymous said...

In one of your previous postings you mentioned that a Russell 2000 E-Mini contract costs $500. What I don't understand is does the contract always cost this much regardless of how high or low the Russell index is trading at? I come from a stock world and so futures is a bit confusing since I'm assuming that when something goes up it costs more to purchase and vice versa. Thanks for any help!

Zoomie said...

If you were long TELK to begin with, you woulda needed your charts examined. It has been in a downtrend since mid October, and closed below major support yesterday. Big moves (gaps) are generally in the direction of the trend.

Anonymous said...

Nice work Cal, and i was also curious what software you use. Is it the GStrader?


Anonymous said...

Keep us informed on how Phil's picks work out. Looks interesting.