Vroom Vroom Valero
August 4th, 2005 by BWV
That VLO long is working out nicely. It’s gotten huge volume on this move to new all time highs, so I expect for the next month or so that sitting tight (inaction) is probably the best course of action.. with the 1/2 position I have remaining after taking some profits from this move. A complete giveback, to about $83 ( near my entry), would stop me out.. but otherwise, I’m gonna give the kid some room to maneuver.
This reminds me of a quote from Reminiscenses of a Stock Operator, the unofficial biography of one of the greatest speculators ever, Jesse Livermore:
“It never was my thinking that made the big money for me. It always was my sitting.”
I have been a shorter-term day- and swing-trader for some time now. While I’ll continue to grind out a few bucks using those methods, I am now trying to set up plays for some specific accounts that can last for longer time frames — and presumably bigger profits. It’ll be somewhat difficult at first to just “let them ride,” as I’m used to taking profits on moves of just a few % or $. Of course I’ll never let a loser ride for very long.
Long VLO
