Frank Palmieri's Daily Ramblings

A collection of my daily thoughts and ramblings.

Apr 10, 2009

w00t, Got a job!

Finally got a co-op job! To top it off, it was by far the best position and company I applied for. It fit perfectly with what I'm looking to do in the future. It really is amazing when you have an interview and get a call back in the same day.

This summer/fall, I'll be working for R.F. Lafferty, a Brokerage Firm that caters mostly to institutional and retail investors. They also recently started doing market-making, and specialize in options strategies/trading. My job, as described, it pretty open ended. I imagine I'll be getting coffee and doughnuts every now and then (maybe everyday, haha) but you gotta pay your dues to get anywhere in life, and this certainly isn't like starting in the mail room. I'm sure that I'll learn a lot and I'm really excited to get started.

I had been pretty depressed over the whole job search for a while. The economy is terrible right now, as anyone knows, and I thought I might have to work at Gorton's Seafood or Binds-To-Go. While these aren't bad jobs, they weren't what I wanted to do. Getting this job was huge.

Still have 5 weeks in Germany as well, haha. Leaving May 1st. I'll be back June 5th. After that I have an entire month to relax, and then I start my job at Lafferty.


Just wanted to show you one chart from today - /ES - I am fully short this. The breaking of 820 today signals to me that we're going lower. At least to 800, which is our next psychological support. And I think you should see it.

FAZ also shot up at the end of the day today. The final move is starting and I'm on the right side of it.

No position changes from the last post.

Jeez, so I haven't posted here in a while. Been busy on the job hunt and with school. I am now writing at Above Average America which is a site where I'll be posting my t/a, but mostly more econ related articles and such.

BTW: Note to self - Listen when you speak, because you might say something important. Like being short term bullish. I should have heeded
my own advice. I was stupid, stayed short, and got bit in the ass for it. I'm down a hell of a lot in my paper trades, but such is life. You win some, you loose some, and I lost big time. Next time I'll go with the charts.

Anyway -
Right now I'm still short. The gap up on FAZ today is basically confirming my suspicions. No one
actually thought the banks were doing well. And people still think Geithner's plan is a pile of crap. The suspension of M2M might turn out to be inconsequential, but I think it has other ramifications outside of the technical aspect with regards to the psyche of wall street.

Either way, I have a near term target of 750 on the SPX, which is going to have to bounce up slightly in a rally, and then I think we'll see the final drop I've been expecting. It isn't over till the fat lady sings, and she has to sing damn loud.

No charts for today, but my current positions are as follows -
Long FAZ
Short /ES
Short GHL
Short ARNA

Long RHT

Another aside here, if I might - Red hat (who my brother works for, full disclosure) is doing extremely well despite the economy. I'm up roughly 9% already and I am holding for a long-term trade. I really like the company, and I think they have plenty of growth
potential. Whether or not they live up to the hype is up to my brother and his colleagues. Either way, I think they're good for 20-25 at least, so I'm a buyer until I see a reversal, and even then I'll probably just keep holding.