As I posted yesterday, I exited the following positions:
I sold 500 shares of BCSI at $80.90 (entry at $76.27) for a $2315 gain (+6.0%).
I sold 500 shares of UA at $64.10 (entry at $62.50) for an $800 gain (+2.5%).
I covered 150 shares of GS at $183.40 (short at $186.04) for a $396 gain (+1.43%).
Today I made the following trades:
I sold 500 GRMN at $107.80 (entry at $106.02) for a $890 gain (+1.65).
I sold 300 FWLT at $124.58 (entry at $120.10) for a $1344 gain (+3.7%).
I covered my LEH short, 500 shares at $57.75 (entry at 55) for a $1375 loss (-4.7%).
I bought 400 shares of UA at $63. Playing the support/resistance range.
I bought 300 shares of SWHC at $19.45. This ones a trend pullback to the 50 day moving average. I’m a little concerned at the size of today’s bar, but the stock has held up well at this moving average.
I’ve been reading your blog for a few weeks. I really enjoy it! It seems that you do better going long instead of short. Just an observation.>>Do you follow IPO’s like VMW, EJ, MF, LDK and AEM?
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Russell,>I’ve noticed that too. My longs have done much better than my shorts. >>LDK has made my screens, but I haven’t looked at the other three.
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I am curious about how you decided to get into SWHC on the long side, especially at 19.45, which is when the weakness of this stock really became apparent. >>This stock popped up on my screen Wed night as a potential short. >>If you draw a trendline underneath the three recent Jul-Aug lows, you can see that yesterday’s action cleanly violates this trendline, which to me suggests there is more downside here.>>I would say your UA purchase is risky too, but this one could go either way today.>>Good job getting out of GRMN.>>TC – The Critic
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So you sold GS at the absolute low of the day yesterday? Trading range 183 to 196, and you are out at 183? Well thats a good timing call – what triggered you to sell at 9:31 AM? Its impossible to tell the trend of the day that early, it went up all day.
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tradermark: I didn’t time the trade. I wasn’t even at the screen. I had an automatic cover set at $183. >>The reason for using $183 is a lot of short term support in the $180-182 range. The trade played out exactly as I thought it would. Unfortunately LEH did not, which really surprised me. >>Critic: Price and moving average support is in the $19-19.30 range. Very low risk from my point of view. >>UA: Another low risk entry. With these low risk entries, if I’m wrong, big deal. I lose a small amount. Reward to risk is good on these momentum stocks.>>GRMN is still acting strong. I do think it will eventually test it’s breakout level, and I’ll be a buyer when it does. One of these days you’ll get me 😉
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Oh, I am not trying to get you or anyone else. As I am sure you know, there is an infinite number of ways to make money in the markets, one just needs to find a strategy that works for them and stick to it.>>So I can totally disagree with some or even most of your trades and you and I can still end up making money.>>I figure my occasional commentary and a different point of view can be helpful. If it’s not, I am definitely happy to just go back to being a silent participant.>>Good luck to all.>>TC
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hi, i’ve been watching EXM and DRYS, both shipping, both seems to have reached a support. However the volume in the past few days on pullback was relatively big. And the rise on today was on small volume. Is this how you analyse them?
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Anonymous, >Interesting you brought these shipping stocks up, as I just went over these stocks this morning. I decided to go with TBSI (which I bought at the open). >>I was waiting for a pullback in DRYS, EXM and TBSI, but the volume on DRYS and EXM concerned me. The volume pattern on TBSI was much better, so I went with that one.
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Critic,>The “get me” comment was in jest. I enjoy your commentary.
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UA consolidating nicely, would look for a bounce on volume. Chart is getting real tight.
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hi themarketspeculator, for DRYS and EXM, how do u determine whether to enter today? i mean do you need the vol to be half of normal by 10am to enter? I can see them to be in good area but can’t seems to grasp whether to enter on that specific day or not. for example, i can’t see TBSI’s volume is better than DRYS or EXM if you buy at opening. sorry for the question.
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