Intraday/Swing Plays

Market appears to be digesting news well. I am holding and will watch.

 

Short 2,000 INTC @ 30.46

Avg. Short 4,000 @ 29.91

 

I will explain later why I doubled down....

 

Guidance, Data Lift Stocks

Stock prices surged following positive guidance from companies such as Texas Instruments (TXN), Novellus Systems (NVLS) and General Motors (GM), and stronger than expected industrial production data. Consumer inflation remains tame and Treasury Bonds finished slightly lower.

The Dow Jones Industrial Average gained 208 points (2.1%) to 10,301, the S&P 500 index rose 26 points (2.3%) to 1128, and the Nasdaq Composite surged 61 points (3.5%) to 1815. All ten S&P sectors rose, led by technology, financial and industrial shares. Volume on the Big Board was 1.4 billion shares as 1.8 billion shares changed hands on the Nasdaq.

Intel Corp. (INTC) rose ahead of earnings scheduled for release after the bell today. The chip titan reported profits before charges of $0.15 per share, in line with the First Call consensus.


TODAYS EXECUTIONS:

16:20:05 INTC SHRT 2000 30.46
15:56:35 .SJXQL BOT 15 17.0
15:48:04 TXN BOT 2000 33.75
15:34:25 TXN SHRT 2000 33.82
15:30:21 KLAC BOT 3000 68.12
15:14:39 AMAT BOT 3000 54.03
15:13:17 KLAC SHRT 3000 68.24
15:05:28 AMAT SHRT 3000 54.25
12:33:48 .PQODY SLD 10 0.10
10:05:24 INTC SHRT 2000 29.37


OPEN POSITIONS:

Long AAPL 2000 24.83 +0.82
Short INTC 4000 29.91 -0.55
Short TLAB 3000 9.68 -0.06
Long PALM 5000 4.01 -0.36
Long CKP 2000 18.50 -0.69
Long .SJXQL 15 17.00 -1.00
Short AOL 2000 20.25 -1.60
Long .PQODY 10 1.60 -1.60
Short PFE 2000 38.08 -1.81
Short TLB 3000 31.57 -0.87

CLOSED P&L: $340.00 OPEN P&L: ($11,560)
TOTAL CLOSED P&L: $45,469

 

Yesterday's Dow action makes today a critical day. Look at a daily chart (65 days) and you will notice that every day the Dow had a stong gap up it was followed by a down day. If futures are right today and the market trades up, then Monday's low will define the bottom of a trading range. The top of the trading range will be the March highs. If the Dow sells off today, then Monday's breakdown is very ominous.

The Naz looks more promising with yesterday's action being a takeoff rally from a small base. Good news in the chip sector gives fuel to the Naz rally with the only bump being around 1850.

BRCM -Buy
Stop: $32
Target: $43

VRSN - Buy
Stop: $23.25
Target: $30

FON - Buy
Stop: $14
Target: $18.50

CMCSK - Short
Stop: $30.50
Target: $25

 

Closed 2,000 AAPL @ 25.85

+ 1.02 points

 

Closed 2,000 AOL @ 21.71

- 1.46 points

 

Covered 2,000 PFE @ 38.02

+ .06 points

 

Great, check in when you're here. We havta hava chat about "futures" trading while you're here....

 

Greenspan Overshadowed by Earnings

Positive guidance from Intel Corp. (INTC) was offset by poor results or guidance from companies such as Boeing (BA) and Veritas Software (VRTS), sending stock prices lower. Fed Chairman Alan Greenspan implied the Fed was not poised to raise interest rates, and Treasuries finished mixed.

The Dow Jones Industrial Average fell 81 points (0.8%) to 10,221, the S&P 500 index slipped 2 points (0.2%) to 1126, and the Nasdaq Composite was down 6 points (0.3%) to 1811. Networking, semiconductor and oil related shares paced the gainers while PC, software and drug stocks stood out among the losers. Volume on the Big Board was 1.4 billion shares as 1.9 billion shares changed hands on the Nasdaq.

TODAYS EXECUTIONS:

10:20:44 PFE BOT 2000 38.02
10:04:16 AOL BOT 2000 21.71
09:39:21 AAPL SLD 2000 25.85

OPEN POSITIONS:

Short TLAB 3000 9.68 0.00
Long PALM 5000 4.01 -0.23
Long CKP 2000 18.50 -0.49
Short INTC 4000 29.91 -0.72
Long .PQODY 10 1.60 -1.60
Long .SJXQL 15 17.00 -4.40

CLOSED P&L: ($760.00) OPEN P&L: ($12,820)
TOTAL CLOSED P&L: $44,709