Intraday/Swing Plays

Discussion in 'Trading' started by Seanote, Mar 6, 2002.

  1. Seanote

    Seanote Guest

    This is a good venue to use for market commentary throughout the day and positions any of us have taken as daytrades or swing trades. These will be strictly opinions, not recommendations. I know many of us pay good money to analysts, advisors, and for in-depth market commentaries so if we can all incorporate our valuable information maybe we can see some consistencies and know what the big guys are doing. If you have any suggestions or comments, please reply.
     
  2. Seanote

    Seanote Guest

    Here are my swing plays today:

    SUNW - Sun Microsystems
    Action Suggested: Sell - at current levels
    Reasoning: Despite the recent market rally, SUNW has been unable to penetrate its declining 21 day moving average or last week's high.
    Stop: close above 9.35
    Price Objective: 8.5
    Long-Term Trend: Down

    WCOM - WorldCom
    Action Suggested: Sell - at current levels
    Reasoning: Despite the recent market rally, WCOM has been unable to penetrate its February 8 high (the initial bounce off the low). Having reached levels well below those of last September, it ranks among the weakest stocks around.
    Stop: close above 8.38
    Price Objective: 6.5
    Long-Term Trend: Down

    Semis's are quietly building strength and rising out of extended year-long bases. The SOX Index has now crossed above the 200 EMA. They are by far the most attractive area within technology.
    Played calls on $SOX index, long AMAT, KLAC, TXN
     
  3. Would you please post the number of shares you are executing at these levels, and the P&L each day as well. We always like to see the "rubber hit the road" by a trader who is actually making a good living trading.
     
  4. Seanote

    Seanote Guest

    Sh 5,000 WCOM @ 8.28
    Sh 5,000 SUNW @ 8.91

    Long 2,000 KLAC @ 65.20
    Long 2,000 AMAT @ 49.60
    Long 2,000 TXN @ 33.02

    I will hold these for a couple of weeks if need be. If I see signals or profits that dictate otherwise I won't hesitate to close at loss or gain.
     
  5. Seanote

    Seanote Guest

    bought 10 .SJXDT 600 @ 42.20 ($SOX)

    I will add total P&L of all positions with a report at mkt close each day and an accumalative P&L.
     
  6. ddefina

    ddefina

    For what it's worth, I've been long CREE, PCSA, LWIN, MUSE, MCAF, PRHC (rebound) since last Friday. Currently short MCRL (this morning) to catch a drop before it continues higher. Looks like the Nasdaq is in an upleg which could continue for at least a couple weeks. I've paired down 70% since Friday to preserve profits, waiting for a minor correction and will then buy more as the market resumes. I trade small potatoes compared to you Seanote, approaching only 4,000 shares across 8 stocks, but give me another year. :)
     
  7. Seanote

    Seanote Guest

    I'm watching MLNM closely...if it's near or setting day highs around 2:30 est. I will take it long for the remainder or today and set a .50 trailing stop up to the close. Watch Nas E-minis and 10-yr T-Bond futures the last hour of mkt. Market looks like it could swing quickly in the last hour.
     
  8. Seanote

    Seanote Guest

    Long 2,000 MLNM @ 22.38 with a trailing .50 stop
     
  9. Seanote

    Seanote Guest

    Closed 5,000 short WCOM @ 8.49
     
  10. ddefina

    ddefina

    Good thing you dumped WCOM, the stops are popping all over.
     
    #10     Mar 6, 2002