I disagree a little bit... AAPL was an excellent call by wes, from shorting it from the high 500's, as well as BBRY - I remember Wes buying BlackBerry @ 10 & 11... In terms of VXX no so great of a call, if you recall he started buying @ 26 and change three months ago (I'm sure he doesn't own the 26 block of shares, but still he started buying way to high). So I'll give Wes two thumbs up for AAPL and BBRY, and one down for VXX
I am not Wes. I trade quite differently and have far less capital less time to trade than Wes does. I typically work during trading hours, but try to sneak a trade and a post in during brief breaks at work, and trade and post much more when I have a day off, like today thru Friday of this week.
I have been on the opposite side from wes a couple times for 2-3 years now, used to find him on the old RIMM boards. I hate his step right up and deposit your money in my account BS, but he has taken mine more often than not. I don't hate him anymore, but often wonder what he knows that i don't know and can only thank him for occasional posts here. i don't like being on the opposite side of his trades, i usually get burned.
Bass, one other secret is having oodles of information that can be parsed and guestimated in fractions of a second with out the use of computers. Good 'ole fashion human intution based on streaming data placed in graphical representation instead of numerical models. On instagram I think I hashed #trading#markets# if you want to see the setup. 12 monitors that I stream 69 intraday charts in hex mode or 46 with four per monitor. If grouped into sectors you can easily catch intraday moves that are out of locksetep from their comparables.
I hear you. I have to trade my own style. I feel like I have a sure bet with my current setup. And with very little downside risk. Yet, I am down for this year, though only a small percentage. Wes hits homeruns often, that makes him a fortune, but I cannot afford the risks required to trade like that. I know that I will have a profit by year end, and should be a double digit gain. Now that my core short psition in UVXY is fairly built up, I can begin looking at VXX put purchases. I may wait until the expected May pullback in the market, then VXX puts should go on fire sale. By year end, those puts will have made a mint for me.
Thanks bass, if I can sum it up I try to trade as if I have a billion in the account...I add a few zero's. I think if I were in that position how I would feel about a particular equity and how I would scale my buys and sells accordingly. Rather than trying to time buys and sells I try to find positions where time is positioned to my benefit.
Options players have this idea flipped on its head and have time used against them like VXX for that matter. The market suggests that in the future "volatility" will be higher but in real life we know volatility in the future will be less. Why would you pay for something you know will be cheaper in the future. Eg. Irag War, all wars, 2008 crash ,etc. Wall Street however has you believe in the future that this is wrong. Look at the futures curve into December. Is the end of the World coming that I do not know about? Writers of course do have more risk posed to them the further time goes out - BUT I DO NOT!
Using that same idea I screen for equities. Short APA, long BBRY, soon it will be short VXX and today I have just bought my first package of Apple at $399.10.
The Apple trade is easy. I have provisioned for a bet of $X Dollars. My range for purchases will be from $399.10 to approximately $370. I divide this range up into blocks and buy my "blocks" accordingly over two to four weeks. I will undoubtedly catch some intraday lows and maybe even an 52 week low. If it spike ands I do not get it all in then that is life and I take the money and I am happy.
Apple's play is easy and it is based on the inevitability of them doing something with cash, bnuying titter, AT&T, whatever. This sell off is predicatble because a lot of funds had to sell thier 4x leveraged position in apple to cover their 20x leveraged position in commidities. Again pretend you have a billion. ;)
Dude I am skipping no joke and short APA!!! It really is unbeleivable. But as they say "thats why I make the big bucks!" ;)
I was over 30% going into April this will be a boost for sure.
I have started my buy on Apple just now. $399.10 - only a smidge I expect it to go lower. I am not short Apple any longer. I will buy as it drops to $370 I feel.
you got guts dude, i am leery of Apple or dell or MSFT. The fast paced increases in earnings for the computer industry has dried up, my opinion. But then i wouldn't buy BAC or any of the banks either. They wield too much power and there days are numbered. Greed and power corrupts, absolutely.