TODAY'S EXECUTIONS: 15:51:43 QLGC SLD 1000 50.99 15:40:40 QLGC BOT 1000 51.00 15:16:37 QLGC BOT 1000 50.20 11:43:23 QLGC SHRT 1000 50.57 11:34:19 QLGC BOT 1000 50.08 11:23:21 QLGC SHRT 1000 50.59 11:13:13 MO BOT 200 53.41 10:30:29 MO BOT 1800 53.53 10:26:25 IBM BOT 1000 100.7 09:49:17 NET BOT 2000 22.21 OPEN POSITIONS: SHORT MSFT 2000 56.85 +0.41 LONG MO 2000 53.52 -0.37 LONG PALM 5000 4.01 -0.46 LONG .PQODY 40 1.60 -0.85 CLOSED P&L: $9,800 OPEN P&L: ($5,620) TOTAL CLOSED P&L: $38,959 Had a pretty good day other than my open P&L. I'm still leaning towards the short side for the next few days unless news dictates otherwise. PALM is more of long term hold (up to a month if need be) and the PSFT calls were strictly intuition which is why a rarely play long options anymore or trade on intuition alone. Lately the majority of stocks that have met my criteria have been low volume Listeds which I try to staty away from unless I see overwhelming evidence to open the position. Hopefully when this market decides to tip it's hand I can find more Naz stocks to play. Since today was slow I decided to try my old tricks scalping and intraday swing trading with QLGC which turned out pretty well but I'm not going to make a habit of that. Anyone have any new strategies or plays they would like to share with the board?
Well, as for a new play, I went long ITG today. As for the major indices, I suspect a bounce is in the offing. And it appears today's unemployment data was unique. if the employment report tomorrow is freindly,which is the trend of late, we should see green. Internals would support a contrarian view: Short Term volatility - VIX - was at 15 period high today, Put/Call at .85 before the rally, A/D short term bottom and reverse. Nonetheless, I closed my SPY position, becuase I would rather have my powder dry for tomorrow, and I can always buy back in.
Seanote-- If you don't mind my asking, what was your stop on this trade? I didn't see any resistance until 51.5/52.5 if the high of the morning didn't hold. When it looked like it could break out at 2:15 or so with the volume picking up...I just couldn't have held through it. Thanks--I really appreciate this thread. I am trying to trade longer time frames and your style is a great example. -Johnny