EDGE TRADER

Wednesday, March 08, 2006

RECAP

How to begin? A meeting kept me away from the trading screen until 11:00. When I opened, I nearly hurled my breakfast (waffles - would have been pretty ugly) thanks to the red I was seeing everywhere.

The one bright spot which in my opinion turned the day around was the trade I turned in NYX today. The heavy public interest and sales restrictions on the float contributed to a big time up day for NYX. In terms of valuation, all kinds of pundits were going crazy. I can visualize several downgrades occurring tonight, and probably a negative piece on Mad Money as well. Maybe I'm wrong about that, but no sense taking a chance - it was money lying on the floor and I just went over and picked it up. My close was +7% from my entry midday, with various partial exits. NYX closed strong until the last 10 minutes of trading which is when I sold my last NYX share.

The markets managed a nice closing snap-back rally, so all that nausea was for nothing. Of course a bad number on Friday could bring back visions of those waffles again, but that's another story.

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