Having a GREAT day so far. Up almost 2% in my account mostly off of NSC and CENX. Both of these are performing VERY WELL. Despite losses in GDX these MORE than made up for it. Also slight winners so far in JBLU and SRPT. I have a FULL 1.25% risk position in SRPT so will not be buying more at all. JBLU looking good too. Will post charts on JBLU later. Here is CENX for those interested in eye candy.
Given my TA of this week I think we will see a retracement and want to lock in profits here. Also CENX was up over 4% today and made a strong reversal. Will not be able to watch the markets as well this week and taking profits in CENX and NSC. Sold all of position in NSC at $122.98 and CENX at $16.33. Think $TRAN is making a reversal so sold out of JBLU as well for basically breakeven once commissions included at $23.08. All sectors that were strong are acting weaker and S&P made it to my upper target of ~2430 and starting to reverse as I depicted in my chart of the S&P this weekend. Expect tomorrow to be a down day and then on vacation. Do not want to leave money on the table. Moved stop on SRPT to $33.44. Stop on GDX remains the same.
Decided to close down this Journal. It just takes too much time to update and to update in a timely manner is not always easy for me given my daily 9-5 job. Will not be adding any more trades long or short except to close out the current LONG SRPT and SHORT GDX trades to come full circle. Once I have updated those will plan to let this thread die. Thanks. Moved stop on SRPT to $33.57 Trade what you see, Eganon
Here is why I decided to book profits. Both $Tran and S&P reached the upper edges of the trend channels and made a reversal. The $Tran is also showing bearish divergences. NSC and JBLU are both transportation stocks. Even though I got into JBLU earlier today I placed the order on Friday and I thought it would fill later this week when the market drifts down as I am expecting it to do this week but it filled today. This suggests that with the weakness in Transports at the latter half of the day that this will go even lower so I got out at basically breakeven. NSC is a Rail stock and so I booked profits there. CENX made a big intraday reversal and has been going up with the S&P lately. So I expect a rather hefty retracement on that one. So I booked profits on NSC and CENX and broke even on JBLU. SRPT is currently a small loser but I have been steadily increasing my stops so I should not have a large loss if its hit. GDX is still open as a SHORT and I already have good profit there as well but will let this one ride a bit more as I think I have more breathing room on this one. Stop remains at $22.67 for GDX. So far this Journal is up just over 2% since the start as things sit now.
I very much appreciated your journal and your skill set and the effort which you went to but will continue to follow your comments should they pop up from time to time. Thanks again. It can be difficult trading, communicating on ET with a journal and living a life, today I'm shifting house with a removalist, so will be very difficult to keeping eye on the ball with distractions all around.
I found your comments very useful, but understand the time issues related to running a journal. Look forward to your occasional comments.
And,...so the Volatility begins. Wow if only TA had been able to help us in this situation,....OH thats RIGHT...IT DID . Glad I preserved profits yesterday. SRPT stop close to being hit but GDX still quite profitable and having a weak day with 0.86% loss so my SHORT GDX is making money today.
EG... I know you're out of it... but keep BOX on your radar and let us know when it looks good again if you would be so kind. I think they have huge potential.