<img src="http://puddles.humanfund.ca/20100609/spy.png"> <img src="http://puddles.humanfund.ca/20100609/cnp.png"> <img src="http://puddles.humanfund.ca/20100609/mon.png"> <img src="http://puddles.humanfund.ca/20100609/ibm.png"> <img src="http://puddles.humanfund.ca/20100609/bp.png"> 10:05 SHORT CNP 12.95 STOP 13.02 TGT 12.81 - SPY gaps up, CNP gaps down and stays weak as SPY chops - Short under the lower high - out -0.07 10:35 SHORT MON 49.75 STOP 49.9 TGT 49.45 - MON has been on the short watch for basically all of 2010, the trend continues. - MON gaps up with SPY but is weak going red - Short under the lower high - out -0.15 11:02 LONG IBM 125.18 STOP 124.98 TGT 125.58 - SPY rallys from 10:10 for 3 bars then almost fully retraces - IBM participates but it's barely retraces - SPY continues it's strength after it's retrace - Long over the higher low - out +0.4 13:57 SHORT BP 30.1 STOP 30.40 TGT 29.5 - BP.. well, we all know what the story is here.. - Missed a ton of entries on the way down - I'm basically looking for a way in on it's afternoon weakness. - In hindsight this was an awful short IMO for a few reasons outlined below. - There were two prior tests of 30 which were met with some pretty strong support - Shorting through a major number like 30.00 is probably begging to be whipped out given how much option action there is at this strike - out -0.3 - No clean break of 30.00 for another hour after many tests. 14:21 SHORT MON 49.11 STOP 49.22 TGT 48.89 - MON did not participate much in the 10:30+ rally with SPY and was weak from 11-1pm - MON tempts me to short under the 12:55 with a beautiful lower high - I pass on this as I try to stick to my 11-2 rule (no trades between 11-2). - MON announces a share buyback or some nonsense and I dodge a massive bullet (slippage woulda been ugly on that stop) - After less than _ONE_HOUR_ MON gives back it's entire move up due to the buyback. What is it going to take to get this stock going? Conviction buylist? nope. Stock Buyback? nope. Maybe they should try to acquire Stephen Strasburg. - I missed the short under the 13:55 bar because I was too busy making a dumb trade on BP - Short the next lower high. - I get to within 3c of tgt in a hurry, move stop to b/e - out b/e (Yes, i realize the moderate irony of mocking MON while going 0-1-1 on it today) go flyers http://puddles.humanfund.ca/wp/2010/06/09/2010-06-9-trades/