As noted in yesterday’s post and comments, I took positions early in the day yesterday and exited early today. While I am still very bullish on the 4 stocks I bought, today’s strength was not confirmed by volume, and all of the stocks are nearing resitance levels. Therefore, I decided to exit on strength. I could very well enter again on weakness.
I still think STLD is a good short candidate, but had to stick with my tight stop, as the stock bounced above the moving average.
I bought 500 shares of UA at $66.25 and sold at $68.73 for a $1240 gain (+3.7%).
I bought 500 shares of CROX at $56.15 and sold at $59.20 for a $1525 gain (+5.4%).
I bought 300 shares of NOV at $109.67 and sold at $113.10 for a $1029 gain (+3.1%).
I bought 200 shares of GRMN at $100.10 and sold at $103.70 for a $720 gain (+3.5%).
I covered my STLD short at $40.10 (entry at $39.05) for a $525 loss (-2.6%).
I went long 500 shares of GMRC today at $35.05.
I am still holding my LEH (short) and SDS (leveraged short) postions.