Today I bought 400 shares of NOV at an average price of $127.23. As I noted in Sunday night’s post of last week’s top stocks, oil stocks are making a move. Therefore, I was looking to enter NOV on weakness.
As we can see in the chart, the stock broke out of a “W” formation at $125. A pullback in this vicinity makes for a good entry point, which is why I entered today on weakness. I know some of you may think I should have waited for a deeper pullback, but I like to get into a good trade before missing the move (as long as I have a good reward to risk ratio).
My other trades today:
I bought 300 shares of SRS (ultra short real estate) at $103.10. This is my “short real estate” trade. The 50 day moving average is at $99.12, which is a good area to place my stop.
I bought 200 shares of NEM at $$43.75. This one is my gold trade. In all honesty, I wish I had entered a different gold stock. This one’s not all that volatile. I may exit tomorrow even if my stop or target is not hit, and enter a better acting gold play.
I was stopped out of 400 shares of TOL at $19.95 (entry at $21.11) for a $464 loss (-5.8%).
I sold 200 shares of QLD at $96.50 (entry at $95.29) for a $242 gain (+1.2%).
I am looking for good exits for my index plays, and found one for QLD. If I can get a point or two on my SSO and DDS positions, I’ll do the same for them.