I’ve traded these stocks so much that past few days, they feel like family. I bought 500 shares of QID at $55.86. I’ve been trading in 1000 share blocks, but I’m not sure that there won’t be more of a bounce in the Q’s, so I’m keeping the position size small. If we see QID drop down in the $54-55 range, I’ll probably buy some more.
I’ve been trading VLO on the longside, as oil stocks have held up well over the past two weeks. However, today I went short on the big move up because it is moving right into resistance. Take a look at the resistance point on this chart:
I went short 400 shares of VLO at an average price of $59.06. While I never recommend that readers piggyback on my trades, I emphasize this point today. VLO has been acting strong, so this is a risky trade. I would not be surprised if the stock moves up. Therefore, I am using a hard stop above the $60 resistance level and going with a slightly smaller position size.