Daily Diary: <I>TSC</I> Readers Thank God It's Friday

More tales from the trading front.
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In these chaotic market times, TheStreet.com has been seeking your tales from the trading front. Here's a sampling of entries we've gotten in the past day or so. We ran another installment earlier this week. If you'd like to share your experiences, send them to diaries@thestreet.com, along with your full name.

Sweet Dreams

I think that the market has become too important in my life. After fighting with my girlfriend last night I woke up this morning thinking -- there are no more snide remarks coming (selling) we must be in for a snap back rally and a good weekend together. I am taking the rest of the day off.

--

Tony Holland

(received 8/6)

Looking for Shorts

Looking to unload my underperformers at the right price and get short a few at the right price. Have cash but I'm sitting on my hands. I don't like this market. Trying not to do too much.

American International Group

(AIG) - Get Report

looks to be falling apart may go short at 87. Insurance stocks and

Russell Stock Index

looks awful. So do the financials. Wanted to short

eBay

(EBAY) - Get Report

this morning at 96 then again thought about again at 94. Didn't pull the trigger.

--

Charlie Poe

(received 8/6)

Covering Up

Thursday is the big money day in Nets. Capitulation and turnaround. But in the face of the pending employment news, let's wait and see. Short

DoubleClick

(DCLK)

at 78 pre-market Friday on employment bomb then wait for the nets to unwind. Dropping slowly to a bottom in the first 10 minutes. What's this, a bottom at 9:40? THIS IS NUTS! Ramping up like G-love has dropped rates. When to cover? Covered at 80.

This market's confused and bewitched. Or maybe it's me. Watched some more, shorted triple-q (QQQ) at 112 and that's a wrap. I'll let the "powerful sources" sort it all out. It's noon, time for the weekend to start.

--

Dan Kreisberg

(received 8/6)

One Step Forward, Two Steps Back

Last summer I tried to buy whenever a stock made it up from oversold. I used the so-called Williams indicator, and bought when it went up. I lost $800 every time I gained $500. The point was, I had calculated it to be a good strategy, based on the returns during winter and spring, when markets was good, and now I was performing poor in a down-trending market. The lesson I took was, if I loose money again and again when I pull the trigger on oversold stocks, it's not me, but the market: It's trending down, and you better short or stay away. Like now.

--

Poul Malling

(received 8/6)

Missing the Bounce

It's midday on Friday and I'm bored, but happy. I have survived the thrashing of in the DOT by going cash several weeks ago. However, I felt like an idiot for missing that HUGE bounce yesterday. The DOT is getting tough to "game" in this macro environment (as if it wasn't hard enough before). I have been trading the oils because of the strong technicals (kudos to GBS!!), also closed out nice short on

ICN Pharmaceuticals

(ICN)

. It looks like

Applied Materials

(AMAT) - Get Report

may get to 100 before

Novellus Systems

(NVLS)

after all, I'll try an add some on any weakness. Other than that I'm just going to let a few more cars go through the intersection before I get heavy in the DOT, gotta make sure the light will stay green long enough. Turned yellow pretty quick from yesterday. I'm also sick and tired of obsessing over

Alan Greenspan

and having to check his temperature every 30 minutes. Like

Cramer

I'm ready for this market to take its medicine and let's move on.

My own Random Musing: WOW is

James Padinha

good!

--

Chad Oswald

(received 8/6)

Collecting on an Idea

On Tuesday I trusted

Jim Cramer's

idea that

E*Trade

(EGRP)

could be "a coiled spring" as he mentioned in his

Yahoo! chat. I figured that this could be because of unrealistic selling due to margin calls. I bought EGRP at 25.5 but I bought some August 30 puts to cover this stock. I thought that if it went up hard I could get out of both the stock and the put with a net profit, but my loss would be minimal if it continued to tank. Yesterday EGRP jumped up and this morning I sold both the stock and the put and collected a point profit.

Thanks

Jim

!

--

Miles Beck

(received 8/6)