Home > General Topics > Trading > Intraday/Swing Plays

Intraday/Swing Plays

  1. 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. 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. 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. 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. 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. 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. Long 2,000 MLNM @ 22.38 with a trailing .50 stop
  9. Closed 5,000 short WCOM @ 8.49
  10. Good thing you dumped WCOM, the stops are popping all over.
  11. Seanote

    This is a good thread for newbie and thanks for sharing it on this board.
  12. Market is looking stong going into the close. I am going to close a few positions by mkt close. I will send an execution report with closed/open P&L going into tomorrow.
  13. Placed stop on MLNM @ 22.68...
  14. I will hold the SOX calls and Short SUNW overnight and close out the rest by close to free up buying power (BP). I have some good calls tomorrow morning that I want to play otherwise I would hold.
  15. Here are the results from trades today. I posted real time trades in previous posts throughout the day. I said earlier, I am holding the SOX calls and SUNW short overnight. If you have any questions let me know. My spreadsheet is down so I'll paste off my Account Manger for today.

    March 6, 2002

    12 15:48:54 KLAC SLD 2000 66.35
    11 15:46:05 TXN SLD 2000 34.15
    10 15:44:43 MLNM SLD 2000 22.89
    9 15:39:52 AMAT SLD 2000 50.43
    8 14:42:59 WCOM BOT 5000 8.49
    7 14:38:15 MLNM BOT 2000 22.38
    6 13:06:38 .SJXDT BOT 10 42.2 OPEN
    5 11:42:18 WCOM SHRT 5000 8.29
    4 11:25:03 SUNW SHRT 5000 8.91 OPEN
    3 11:27:36 AMAT BOT 2000 49.6
    2 11:26:26 KLAC BOT 2000 65.2
    1 11:30:12 TXN BOT 2000 33.02

    CLOSED P&L: $6,240 OPEN P&L: $2,600
  16. Seanote,

    Nice trading but I have to say I can't match your entry prices and times for TXN, AMAT, KLAC and MLNM.
  17. Those are eastern times on the software. Obviously each position was broken up in partial fills with a small variation in execution prices. I have my software set up to give me an average price on the entire position. Some people like each lot separated so they can choose which lot to match but I generally close the entire position at once when I make that decision.
  18. What are some of the things you look for in Level II? In another post, you mentioned MM's playing games. How do you detect "game playing" in Level II quotes?
  19. I still have trouble matching the times to the eastern time zone. What stop-setting principles do you use that allowed you to ride out the rather large mid-day retracements in TXN, AMAT and KLAC?
  20. My stop criteria varies from stock to stock. I use a combination of stock price, intraday charts, previous and current day high/low, technical analysis (stochastics, RSI, SMAs, ect;) The only hard stop I used, which was an alert, I posted pretty close to real time on the board. I wasn't very close of getting stopped out on any positions today due to the fact that today was a fairly easy day to trade and there was very little volatility after the morning session. I wish they were all like this! This is an excellent example of why I argue the school of thought most traders have and that is stick to a daily profit of $500 (example) and once you've hit that target, turn off the computer and stop. I DISAGREE because there are days like today you can exceed your week and there are days you shouldn't trade. You must be ready to take advantage of these days! Most traders believe they have to trade everyday. Some days are not trading days regardless of how good you are.

    I'll address reading MMs on Level 2 later tonight.
  21. Being able to read MMs only helps in a few situations. If you're a scalper then it is imperative to understand this. When a MM is at the inside price and is the only market participant it is important to watch his share size and T&S. Rarely do you see prints in T&S match the inside decremented display share size at the same time. My point is if a MM (NITE) is at the inside bid by himself displaying 1,000 shares at 15.05 and you see prints ripping continuously at 15.05 then chances are good that NITE had and has many more shares that he wants to accumulate behind that 1,000 display size but doesn't want to tip his hand and show the entire size. Along those lines, he might display 1,000 and execute and decrement down to a 100 then auto refresh back to 1,000 and continue that until he accumulates his total position. When you see this don't go against the MM...in this example he is buying and this is called "soaking up the bid"....this is agreat short-term indicator for scalping. There will be a few times when the MM soaks the bid or ask then the market moves against him. That is when the MM is on the WRONG side of the trade and losses his pants unless he has a lot of backing and can wait it out. It's also important to realize which MMs are soaking...if you see Goldman (GSCO), Merrill (MSCO) Nite Trimark (NITE), Herzog (HRZG), ect; the big guys...you might want to follow their lead. I don't give as much weight to the smaller MMs since I know they won't attempt to control the market unless it has low volume. If one is soaking the bid at 17.50 for a lot of shares, you'll also see them post an ask size, usually small, because they have to since they make a market in the stock...don't think that's their exit point on the block they just soaked up.
  22. I am holding short SUNW still and long SOX Apr 600 calls @ 42.20. Might close calls within the hour......

    I will post my plays for the day soon!
  23. This is an incredible rally. I bought LWIN at $5.10 and its trading at $10.90 right now, wish I held the whole 1,000 shares, paired down to 300 around $8.00. Now 100% from 90% long again, but the sellers will probably come in soon.
  24. MLNM...........Millennium Pharmaceutical

    Speculative BUY: at current levels
    Confirming Indicators: oversold condition, MACD
    bullish divergence
    Support/Stop level: 19 1st upside Price target = 27
    Long Term Trend = Neutral (needs to clear above 27 to set initial stage of upward trend)

    MU - Micron Technology

    Buy - at current levels
    Reasoning: Another strong semiconductor.
    Yesterday's dip approached the 21 day moving average.
    Stop: Aggressive stop @ 36.98. If penetrated,
    look for another buy opportunity at 35.50
    Price Objective: 44 (August 2001 high)
    Long-Term Trend: Down.
    Intermediate Trend is up

    CPN - Calpine
    Action Suggested: Buy - at current levels
    Reasoning: I'm just playing the bounce here.
    It has finally broken out of a small base.
    Stop: close below 9.50
    Price Objective: 13.50

    Only my opinion, not a reccomendation.
  25. Long:

    MLNM 2,000 @ 22.60
    MU 2,000 @ 38.25
    CPN 2,000 @ 11.40


    SUNW short @ 8.91
    .SJXDT long @ 42.20
  26. Just covered SUNW short @ 9.13
  27. The Nasdaq finally moved above its mid-February high. Although bullish sentiment is finally catching up to the rally I think there is enough momentum to reach the next significant resistance levels before a serious correction. Buy any dips. I also think the market will rally today.
  28. Long 1,000 MER @ 52.85
  29. Seanote,

    I give you a lot of credit for posting these trades realtime.
  30. Yes Seanote. Thanks for posting it realtime.
  31. Yeah, me too....sorry about the MER.
  32. Ha ha....we'll see about the MER play....I cut my normal size in half, but it has crossed it's 200 SMA plus a few other reasons...I might have to hold this for a week or so.
  33. Don,

    What did you mean "sorry about the MER"....sorry about what?
  34. He must be short MER. I'll be happy to sell him my shares @ 55.00 if we wants to average up! Hit me on Market XT in a few more days!
  35. Closed out MU long @ 37.63. Bad call!
  36. Seanote- for those of us (probably only me) who have been wondering who you are and/or what firm you are with......you have tipped your hand....only a few firms have capabilities like those you posted in earlier threads and besides, no one uses MarketXT simply because they want to....do they?! Welcome to the boards and keep up the good stuff :)
  37. I think this a good time to open longs during this dip and hold into a possible rally. Greenspan's speech didn't lift Dow like some thought but I think the bulls will control the later part of the session.
  38. Your more of an optimist than me. I've got a couple 500sh short positions on in MCAF and MUSE to offset 5 other long positions.
  39. The market is selling off without any retracement, however Greenspan had no negative comments and was upbeat this morning and the market didn't react positively which generally means logic will kick in later in the day. I could be wrong and if I am I will hold my longs overnight which I planned on doing anyway.
  40. I didn't mean anything, I just glanced up and saw you went long MER at 52.85, and it's trading quite a ways down from there.

    I don't expect every trade to be a good one. And I like seeing some reality around here....keep up the good work.

    (am I missing something here?) :)
  41. At the time of the post I was a nickel or so...BUT now it's move against me a bit more. I'm not too concerned with it's activity today...I plan on a 3-6 day hold.
  42. I just wondered why you chose only one of Seanotes few trades that appeared to NOT be going in his favor to comment on. If I had to speculate on your tone and/or intended meaning it sounds like:

    Don in a hushed whisper "hey yeah OK job on those other trades"


    Don screams at the top of his lungs "HEY CHECK OUT THAT POS TRADE SEANOTE GOT IN HA HA TOO BAD LOSER."

    Seenote had already posted that he closed his WCOM and MU trades at a loss, very matter of factly as a loss should be viewed. I mean why take the time to even post a two sentence post on one trade that appeared to be going against him....just to bring attention to it for the rest of the board? We can do that ourselves- don't worry.
  43. Even more the point on the irrelevance of Don's post...when DOn posted about your MER trade it was only against you less then 20 cents.... give me a break
  44. Does Don trade himself....his OWN account? I used to trade other people's accounts and did well for both of us which is how I bankrolled my own account and I can gurantee you that trading other people's money is a hell of a lot easier than your own even if your living is tied into their profitability. I haven't taken time to study any of these traders or their posts yet. I'll take a look over the weekend while I'm in VEGAS!
  45. My guess is he has an interest in a proprietary trading firm...
  46. What would you have looked for to enter long intraday. stock at some kind of support or something breaking resistance. A small uptrend bouncing off a moving average? Why not wait for a strong close to confirm bullish bias. Do you have to speculate a little more than that for a swing trade (3 to 6 day hold). Does the time of day influence your entries that much. Or would that cause you to emphasize too much on intraday action.
    Thanks, Carl
  47. Multi-day trades = Antithesis of Prop firms
  48. Today I was expecting Greenspan's speech to be more or less what is was. Not negative with a hint of bullish sentiment. However the street didn't react to his testimony positively as they are indicating more and more over the past year. Secondly, I took this positions as a swing trade (2-6 days) unless indicators or breaking news state otherwise. If I open a daytrade (DT) I will state as such like I did yesterday on the MLNM play.
    My intraday long was triggered by stochastics, oscillators and a 3 day intraday chart testing support but not penetrating. In any stock or index, general rule of thumb is if the price test support or resistance 3 times, go with the trend. 80% of the time it will break out. The time of day does influence my trades to a point...meaning if the market gapped up or down significantly at or soon after open and my plays are contrarian to the market at the time, of course I will hold off opening the positions. In that instance I will watch the stock trade for a couple of hours and let a channel form within the intraday chart to help narrow down a better entry point. I'm not quite as concern with entry point in swing trades as I am in Daytrades, obviously. Speculation is much more prevalent in DT opposed to swing. I personally like swing better, but you need the staying power to ride out a bad day or two. If my stop alerts are hit no matter how long I've been in the position or what the market is doing, I'M OUT!
  49. I sent you a personal note...feel fee to call the office and come by if you happen to be in town past the weekend.

    Keep up the good posts!!

    (that was me puking)
  51. 13:32:48 MU SLD 2000 37.63
    10:19:28 MER BOT 1000 52.85
    10:05:01 SUNW BOT 5000 9.13 CLOSED
    10:00:58 CPN BOT 2000 11.4
    09:59:45 MLNM BOT 2000 22.6
    09:17:33 .SJXDT BOT 10 42.2 3-6-02
    11:25:03 SUNW SHRT 5000 8.91 3-6-02

    CLOSED P&L: $(2,340) OPEN P&L: $5,060

    UP-TO-DATE CLOSED P&L: $3,900
  52. I am reminded of the saying: Pride cometh before the fall.

    Ego trippers ALWYS end up looking foolish.
  53. Thank you Tampa for your insightful and profound thoughts. Happy trading!
  54. He said he'd post his results each day? If his account's 300-400K thats not that big of return (1-2%).
  55. Stocks finished lower despite bullish comments from Fed Chairman Alan Greenspan, better than expected 4Q productivity and positive news from the retail sector. This market makes perfect sense...doesn't it?
  56. I suppose there was bound to be profit taking at some stage after the last four days Seanote.

    Good to see your posts, sorry to see you had a setback today but as we know thats all part of the game.

    I hope you can keep it up as I see you already have a couple of critics on your back.

    The only poster to keep his journals going is Hitman and he's got the hide of a Rhino, criticism and sarcasm just bounce of him

    Good trading


  57. ddefina:

    I am curious as to any average daily return for a day-trader versus a swing trader? I guess you would take a successful trader from a Prop firm, and a successful trader using a retail direct access account.

    Has somebody gathered records from a number of brokerage's(both pro and retail) providing us with statistics as to which strategy provides the better ROI? 1.5% per day on a 350k account would be over 1 million per year.

  58. That deserves to be reprinted.

    Seanote - I'm with the others on the board in thanking you for posting.

    Don't let the salesman get you down - his insipid attempt at criticism along with the incessant self-promotion and the sheer volume of posts give a good indication of the weight that should be given to his commentary.
  59. One of the hardest things to get into the head of a new trader is that we are Not looking for ROI. Our traders get paid for their time, abilities, and dedication. Imagine a guy making $5K on a day with $25K in his account...20% ROI per day...not! ROI is for passive investing, and can apply for the casual investor, but day traders and active swing traders get paid for their time at work. IMO
  60. Regarding you comment on my 1-2% returns vs. my 300-400K equity.......Do you have a job where average $4K a day and work for yourself??? If so, I would love to know what it is you do. Secondly, I don't average 2% return daily...I wish, but I don't. I do well enough to live extremely comfortable and have positioned myself so that I can afford a bad YEAR....and still be in the game. I have diversified my net worth outside of the market so I will never loose it all. I would love to tell you how old I am but I'm going to live that alone for now. Do you realize how jaded you are to make a comment like that? 2% return daily??????? Are you kidding me? How has your 401K performed on % basis over the last year. I will venture to say averaging 1% daily return on my equity compounded as my BP and equity increase would outperform monetarily any investment vehicle you can find. There are 252 trading days per year of which I miss on average 40 due to vacation or days that aren't tradeable. That leave 212 trading days producing on average 1% of my equity...you can do the math. Here's a quote for you straight from my book......"Wealth is accumulated by hitting singles, not home runs" which has proven true to me time and time again over the last 4 years. I was a cocky trader when I first started and had account fluctuations of 20% - 50% daily...You can guess what eventually happened. With 5K left I closed my account and emersed myself in books, software, and DEMO trading for the next 6 months. I re-grouped and began trading other people's accounts with a new outlook on this "job" and was successful enough to go back out on my own because I learned discipline. I have finally positioned myself where I want to be financially and have a full understanding that I might not be doing this the rest of my life, but if the game wins I will still have cashed enough chips to walk out a winner.
  61. Please don't misunderstand my statement about 1-2% per day. I was coming to your defense as not being boastful. 1-2% a day is not unusual, in fact it would be expected that most people made 2% plus daily on this last market run. Obviously to average this over time would be a different story. So when someone says your bragging because you made 8K in two days, they need to put it in perspective is all I implied, not that 8K was no big deal.
  62. Seanote = ?

    "singles, not homeruns" Iknow I've read that...
    seanote is Marty Schwartz? is that from Pitbull?
    no, hmmmmm?
    I'll get it
  63. No problem Ddefina.....Uptik, I have to admit...I don't have a book and I'm not a famous poet...far be it at that... that line HAS been used many times before. I thought it summed my message up the best! There's no copyright infringement there....right? See ya
  64. Seanote = Don Bright?
  65. No.....Seanote = someone else
  66. i know. i was joking. :)
  67. No problem. If using the term ROI is not correct, maybe an “Average Winning Trade” is appropriate.

    Over a period of one week, one month, one quarter, and/or one year, an average winning trade can be calculated. The easiest would be to use the end of year capitol gains reports.

    If this could be done to reflect an average successful trader (stating parameters of the statistics gathered), then an active day trader could reflect back on the time spent at work to achieve those average results comparing those results with an active swing traders’ time spent at work of, and visa versa.

    I am an active swing trader and do homework as well as spending market hours scanning for plays while only taking a couple breaks during low volume. The time spent at work is equal to an active day-trader for me.

    It would be an interesting report to compare the amount of work involved (executions), between scalping, and trending strategies, during working hours in achieving a similar equity curve.

  68. Just drifted in tonight and read this great posting. Thanx Seenote
    for the insight into your trading. Postings like this could help us all.
  69. I assume we are going to debate the validity of ROI until one of us gives up. Each trader has their own monetary goals and strategies along with the means to achieve them. You are putting entirely too much emphasis on profits vs. hours worked. A traditional business plan will outline and state how much production is needed vs. man hours to generate revenue (simplifying it all). You have to let go of that thought process when it comes to trading. We work in a "business" that can not be measured that way. Trading is comparable to a high level sales job or even a retail broker in the sense that you may not make a sale for an entire month, but the following week you land the elephant and make $25K in commissions. Same goes for trading. You will drive yourself crazy if your are charting hours spent vs. profits and expenses. I am a firm believer in organization, numbers, conducting DD and minimizing risks, BUT you will never see any type of consistency if you hold your trading numbers to that of a traditional business's. Daytraders are VERY analytical and will tend to over analyze their numbers, especially when they are in a dry spell. You have to understand the "game".....that's exactly what it is no matter how you want to break it down. Some look at it as a business.....yes it is in the sense that is provides income if you are good, but it's not a business because you can't identify exactly what needs correcting when your trading poorly. You have ideas and you work on those but you can't pinpoint THE PROBLEM and correct it then guarantee profitability the next day. That is the difference between a traditional business plan and trading.
  70. $COMPX:
    1st Resistance (R): 1907
    2nd 1930

    1st Support (S): 1858
    2nd 1838

    SOX Index: ($SOX)
    1st R: 620
    2nd : 629

    1st S: 599
    2nd : 590

    I will send a pre-mkt commentary about 15 minutes before the bell.
  71. Don't get me wrong about the "ROI" statement in the prior post....obviously many people in the market are looking to beat the overall returns by trading. That being said, IMO a "trader" is working at trading, with the money only acting as a necessary tool. Much like any business where you must first buy the "McDonalds" with $$ (tools), and then work hard every day to make money from it. You really arent' getting ROI, you are getting paid for your labor.

    Back to you soon...
  72. Aside from your own ego gratification, what is the purpose of this thread?
  73. Labor Report, Guidance Lift Stocks

    US equity index futures are pointing to a higher open as the unemployment rate fell to 5.5%, non-farm payrolls rose by 66,000, and Intel Corp. (INTC) and Sun Microsystems (SUNW) provided guidance. US Treasuries are mixed and world markets are higher.
  74. Tampa,

    Even if it is ego gratification that drives him, as long as he is posting trading commentary that others can learn from-by following along and either agreeing or disagreeing-who cares what his motives are? Does he need to provide you with a valid purpose-from your perspective-in order to have this thread continue? I for one am reading his stuff as a trader and finding it interesting to follow along.
  75. Tampa,

    Well, we know he's not promoting some chatroom. Or book. Or software. Or broker. At least not yet, LOL. The guy knows what he's doing, and I for one enjoy it. Kind of like the great old days with Todd Harrison, although I'm not ready to put him in that class yet.
  76. Yesterday's pullback was minor and none of the very short-term support zones listed were violated. I expect the rally to resume today. There are some signs of weakness developing, but suspect they will wait until next week to manifest themselves. Next week's outlook will be brightened if the averages end today at levels higher than Wednesday's highs. Those are now key very short-term resistance.


    BUY: at current price
    Confirming Indicators : breakout from 3 month consolidation
    Support/Stop level : in 37 price area , |
    1st Upside Price target = 47 |

    BUY: at current levels
    Confirming Indicators: 2 month breakout, MACD bullish divergence


    I will take these new positions within the hour barring any volatility.
  77. Closed CPN @ 12.51
  78. Long 2,000 DNA @ 51.97 10:06
  79. I'm still holding 10 .SJXDT @ 42.20.....currently up $17.80/ contract, looking to possibly close today.

    Short 1,000 IBM @ 106.61
  80. I find this thread interesting in the fact that I can get a
    perspective on how someone trades. seanote's style is
    more of a swing trading compared to hitman's scalping.
    It sorta opened my eyes to some different possibilities.
  81. kind of off topic but just wanted to second that. Todd Harrison's journal was legendary. [sigh]
  83. It's virtually impossible to put a trailing stop on an option due to the volatility of the bid/ask posts, ecspecially on the SOX. I have a target price on this contract which is much higher than usual due to the index breaking through the 1st and 2nd resistance levels. I do have a stop price set on paper which will require me to work the order since the spread is so wide. I rarely sell to the bid unless I have to get out immediately. Generally I would close the position to lock in a good profit but every now and then I pick my plays that I take with the anticipation of heavy returns along with the understanding that I could give up quite a bit of money at this point.
  84. Check out .SJXDR (590) ....there have been 2 trades today. One 500 lot and one 800 lot....both at or near the ask!! I have the (600) calls...here's a good indication of continued upside short-term. You don't buy 1300 contracts on the SOX without knowing something. Open interest increased as well. That was a $9 million transaction!
  85. Thanks, Seanote and Don

    I do stive to keep things simple. I had a subconsious question as to how I could perform with another style(game).

    I do catch myself thinking to much. I will try to keep that question buried, hopefully. "If it ain't broke, don't fix it"

  86. Seanote, I have to agree with the use of stops on options. My first experience was with the OEX. I had a stop order at $10. The bid/ask were both above $10. Later in the day the market fell and when the ask price hit $10 my order was triggered. The spread was $1 and I was out at $9. Since then I only use limit orders to enter or exit options.

    I really enjoy reading this thread. Thanks for posting your moves. Since you are a swing trader do you do some sort of scan on end of day data (ex TC2000) to get a list of possible candidates? That's what I do, then I look at the intraday chart to look for near term support/resistance and possible entry points.
  87. Someone could ask the same thing about the purpose of your question.
  88. In regards to scanning for stocks after hours I have a program that looks for the criteria programmed according to my trading strategies. After the stocks populate I then research each one technically and fundamentally during the evening or early morning to narrow down the few I will play. One of the most important attributes to have as a trader is a "feel" for the market.... meaning the ability to access and interpret quality news, being aware of upcoming economic events, following futures, indices, Treasuries, investor sentiment, noticing seasonal market tendencies, ect; Nobody ever knows for sure how and when the market will react but doing your DD on these events can help control and minimize the risks involved in trading.
  89. Long 2,000 ADBE @ 39.74
  90. Sold 1 .SJXDT @ 59.50....long 9 contracts

    I'm going to chip away at this position.
  91. I will be on vacation next week and have placed alert stops on all positions except my SOX options. I will be closely watching each position from my Palm and hope to scale out of all positions by mid week. I usually don't carry positions home overnight going into a vacation or extended absence from the computer but I believe there are some good opportunities to be had over the next few days.

    Today’s Trades (3-8-02):

    15:01:31 .SJXDT SLD 1 59.5
    14:04:59 ADBE BOT 2000 39.74
    10:21:06 IBM SHRT 1000 106.61
    10:09:08 DNA BOT 2000 51.97


    09:17:33 .SJXDT BOT 10 42.2 3-6-02
    09:59:45 MLNM BOT 2000 22.6 3-7-02
    10:19:28 MER BOT 1000 52.85 3-7-02

    Closed P&L: $3,950 Open P&L: $17,600

    Total Closed P&L: $7,850
  92. Seanote
    Have a good vaca....You have made this an interesting
    two days for me reading your trades. :)

  93. With regard to swing trades, I would like to participate so I will post swing plays also and hope others will too.


    Bot FLIR 40 @55.89. partial fill. Wish I had it earlier. This is thin n fast

    Think the market will offer better risk opportunities on pullbacks in the next week or so.

    Watch list for long:

    THQI, PSFT, KLAC, AMAT NVLS. Like to see a some pullback and then get in on trend resumption.

    JNJ, FDX, BDK.

    WIll monitor homebuilders LEN BZH TOL RYL for depth of pullback.

    Not convinced Biotechs have turned up.
  94. Maybe I missed something? The 800@65.50 trade was at 10:16, in a 65.50-68.50 market (i.e. at the bid). The 500@69.00 trade was at 11:00 and is harder to read, but looks to have been closer to the bid, especially if it was printed a couple minutes after the actual verbal negotiation was made, which I think happens routinely with option trades, especially big ones. I've seen my own small trades show up minutes later.

    What would this signify? Could this be someone selling 800, and then selling 500 more as the position moved against them? It looks like the first trade was made as the 5-minute MACD had topped, and the second, as it was crossing 0 heading downward.

    Then there was another 500@67 at 11:19, closer to the bid than the offer, into strength off a near-term bottom. And another 250@68 at 12:31, again closer to the bid, into a falling market. Then there was the final 250@65 at 15:15 during the short-covering burst at end of day. This one was very close to the ask. If this were one player, it looks like you could read it as he sold 2050 contracts but then decided to cover the last 250 for a 3-point win.

    Alternative reads please?
  95. Seagate................................;Good read,thought at first with your book quote you had written a book?[1]Mind sharing the meaning of your nickname?:) [2]Looks like a good price target of $''27.oo-MLNM.Based that guess on including but not limited to 5day-2 yr charts,candlecharts,resistance@$28-29...........................................?
  96. Out Flir 56.90

    Short 400 CCMP @ 73.71 9:40am Target 70.5
  97. I´m wondering what lead you to go long FLIR at that price and at that time. Maybe its just that I wouldn´t have taken the same decision. In any case, it would be educational if you could share your reasoning, and your stop loss, etc.
  98. Felt its intraday rebound had enough strength to warrant a long position.

    Sold this morning with a strong open.

    CCMP. SHorted when it could not break fridays's high and .62 retracement of prior downtrend.Would like to cover just above the .50 level.
  99. Meant to say, when it could not hold Friday's high, not when it did not break it, which it did.
  100. CCMP stopped out even.

    With a point in my favor, I entered two orders, one a stop at break even (73.70) and a cover at 70.55. I do this because sometimes I cannot monitor the position throughout the day. I have never had both triggered. I wish there were a conditional order entry that in the event one is triggered, cancels the other.

    Prefer to wait for a long entry in Semi Cap. Eq. stocks. Like to see more of a pullback.
  101. Interactivebrokers offers a conditional trade they call OCA where the execution of one cancels remaining non-executed trades.
  102. In CyberTrader if you place a sell-limit (target) on a long as a "close the position", and a sell-stop on the same long (setup the same way), when one is hit the other becomes null 'n void. Same thing on shorts, with a buy-limit and a buy-stop. However, these orders sit on your computer so if you are disconnected for any reason (by CyberTrader's server, by your ISP, etc.) they no longer exist.
  103. Swing CCMP 250s (1/4 position long) @68.05

    BDK long @47.75 for my IRA

    Looking for KLAC long 64-65

    Intraday Short QQQ 2k @37.80
  104. 1/4 position CCMP 65.7
    1/2 position KLAC 65.2
  105. Out CCMP 66 -2 on 1st position +.25 on 2nd position. Net -$450.

    KLAC whack esta manana.
  106. 1/2 position KLAC 63.5 (2K total) average price 64.35.
  107. long or short? lol!!
  108. No offense anyone but Seanote started this thread for his trades, it's getting kind of confusing with others mixed in.
  109. Have to agree with AAA, dgabriel why not start your own thread if you want to post a running journal of your trades?
  110. "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."

    Sorry guys but it seems that Seagate meant this as an open thread.

    I'll start my own thread anyway.
  111. dgabriel,

    I stand corrected as to Seanote's intentions. Still, I think it's easier to follow a series of trades like you and Seanote are posting if they are kept on separate threads.
  112. Friday's impressive rally marked a successful test of the low-end of a trading range. Despite a tendency for Monday's to be slow expect the rally to continue. Key resistance is now the top-end of the trading range. As usual, the Nasdaq is a laggard.

    Support: DJIA 10,420 - 10,470, S&P 1,150, NASDAQ 1,845.
    Resistance: DJIA 10,660, S&P 1,174, NASDAQ 1,945.

    Today's plays:

    BBH - BiotechHolders Trust
    Friday close 125.45
    Buy - at current levels
    Reasoning: The recent rally back up through previous levels
    of distribution offers an opportunity to play a continuing uptrend
    which started in early February after a two month sell-off.
    Stop: falls below 122.00
    Price Objective: 129 to 137

    MYL - Buy

    HET - Buy

    I will send out executions and continued holds for positions I carried into last weeks vacation in a while.
  113. Closed 1,000 MER @ 55.51 for a profit of $2,671.
  114. Bought 2,000 HET @ 42.92
  115. I am reporting my closing trades for the SOX calls which I closed out the remaining portion late this morning.

    Mon 3/11: Closed 5 .SJXDT @ 53.10
    Today: Closed 2 @ 37.00; 1 @39.80; 1 @ 39.10

    Total profit for all 9 contracts: $3,860

    Looking to go long BBH within the hour barring any gaps.
  116. Markets Fading

    US equities are mixed mid-day as Qwest Communications announced a debt restructuring and the voting deadline for the Hewlett-Packard / Compaq merger approaches. No major economic reports are scheduled for release today. US Treasuries and European markets are higher.
  117. Bought 1,000 BBH @ 127.47
  118. Trades for 3-18-02:

    14:31:51 BBH BOT 1000 127.47
    10:43:47 .SJXDT SLD 1 39.1
    11:12:15 .SJXDT SLD 1 39.8
    11:42:57 .SJXDT SLD 2 37.0
    3-11-02 12:35:14 .SJXDT SLD 5 53.1
    10:16:15 HET BOT 2000 42.92
    09:48:59 MER SLD 1000 55.49

    DNA BOT 2000 51.97
    MER BOT 1000 52.85
    MLNM BOT 2000 22.60
    IBM SHRT 1000 106.61
    .SJXDT BOT 9 42.2
  119. Part II:

    Current Open Positions:

    ADBE BOT 2000 39.65
    DNA BOT 2000 51.97
    MLNM BOT 2000 22.6
    IBM SHRT 1000 106.61
    10:16:15 HET BOT 2000 42.92
    14:31:51 BBH BOT 1000 127.47

    Closed P&L: $6,531.90 Open P&L: $6,245
    Total Closed P&L: $14,381

    Mixed Monday

    Stocks finished mixed in the absence of any economic data and ahead of tomorrow's FOMC meeting. Micron Technology agreed to purchase the memory chip business of Hynix Semiconductor and Treasuries were higher on the long end.

    The Dow Jones Industrial Average fell 29 points (0.3%) to 10,578 and the S&P 500 index was down a fraction of a point (0.1%) to 1165, but the Nasdaq Composite gained 9 points (0.5%) to 1877. Oil service, software, and biotech shares paced the gainers while drug and networking stocks stood out among the losers. Volume was light with 1.2 billion shares trading on the Big Board and 1.5 billion shares changing hands on the Nasdaq.
  120. Hi Seanote,

    I bought a bunch of MLNM at 19.01 at the end of February and unloaded last week at $24.56 for a nice gain.

    Was hoping it would pull back to the low 20s so I could re-enter but it doesn't seem like it will anytime soon.

    I was just wondering what your target is for that trade.

    Another stock, I've had success swing trading is RFMD. Am looking to enter that in the 16s in the coming week. We'll see if it gets there...

    Best of luck!
  121. seanote, just wondering what the resolution of the long calls $SOX was? I believe you had 10 and exited one before leaving. Thanks
  122. I'm looking to dump MLNM between 26-27....chart looks strong right now and is due for a pop in the next few days.
  123. I entered Monday long 4 SOX calls and closed out between 37 and 39.80. I posted my executions on the last page for today. Last Monday I closed 5 @ 53.10 thankfully. I don't normally touch options, ecspecially the SOX due to the volatility but all the semi indicators were too strong to pass up and I didn't want to tie up the BP ion 4-6 semi stocks. I don't like trading long options.....it's gambling, but every now and then I'll play the game if I have overwhelming indicators. Good Luck and see everyone tomorrow am.
  124. Mildly Upbeat Open

    Stocks are getting a slight boost in pre-market activity from Goldman Sach's better-than-expected earnings release and General Motor's reaffirmed guidance. Technology stocks could see some follow through on yesterday's modest gains after Dell's CEO sounded upbeat about the company's prospects this year. Treasury prices are little changed following a larger-than-expected widening of the US trade deficit, and world markets are in positive territory.

    Will post plays in a few....
  125. Still anticipating the continuation of Friday's rally. A primary reason for that optimism is that yesterday's weakness was confined to the big stocks. The Russell 2000, S&P MidCap and S&P SmallCap averages all moved up through resistance yesterday. Expect the big stocks to follow today. Listed yesterday's lows as short-term support. Today's low will probably occur in the morning.

    Support: DJIA 10,520 and 10,475, S&P 1,159 and 1,150, NASDAQ 1,860 and 1,845
    Resistance: DJIA 10,665, S&P 1,170, NASDAQ 1,894 and 1,945


    HWP - Sell
    The price continues to trend down following any rallies over the last four months.

    LLTC - Buy
    GE - Sell
  126. Bought 4,000 LU @ 4.55
  127. I did not have any closing transactions today due to all the whipsawing happening intraday. I don't like selling into that type of market. Tomorrow should be more indicative towards establishing a fairly reliable short-term trend which will help give me a better perspective of this market.

    11:02:07 LU BOT 4000 4.55

    BBH BOT 1000 127.47
    HET BOT 2000 42.92
    IBM SHRT 1000 106.61
    MLNM BOT 2000 22.60
    DNA BOT 2000 51.97
    ADBE BOT 2000 39.65

    CLOSED P&L: $0 OPEN P&L: $6,120
    TOTAL CLOSED P&L: $14,381
  128. I don't understand something here. You say that you are looking to Wed. for a more reliable short term trend to show. However you are going home heavy on the long side. Why wouldn't
    you close out positions and then wait for that trend to show?:confused: Especially since your open positions are showing profits?

  129. I want to see stronger sentiment either way which I think Wed will bring. The only reason I'm holding longs overnight is due to the profits I have built into some of the positions. If my open P&L was flat near market close I would have closed all positions and waited for the morning. Obviously I have an inclination that the bulls will prevail tomorrow by holding these positions but I will not sell into this weak volatility. If tomorrows volume is strong and stocks point towards the downside I will begin closing some of my positions and watching news and indicators closely. I might have made a mistake with LU today since the sector was more or less downgraded with a dismal 2nd half outlook towards the afternoon, but I think it's a good buy at these levels which might persuade me to hold the position longer than planned. This position was established as more of an investment than a swing trade. My stop will be looser on LU than the other positions. Hope that answers your question.
  130. Yes, very fine thank you.....I understand and will keep watching .

  131. Yesterday's action saw a continuation of recent trends. The Dow, Russell 2000, and S&P SmallCap continued to move higher, while the Nasdaq struggled. True, the Dow and S&P did retreat yesterday after moving to new two-week highs, but the S&P SmallCap index closed at another all-time high. The Dow and S&P have retreated to support. Expect some morning weakness to bring the averages down to yesterday afternoon's lows before the rally resumes. Do not anticipate a move back to Monday's lows.

    PQE - Buy (IMO)

    Reasoning: The price momentum surge has taken the stock to all time highs breaking out of the inverted right shoulder of a 2 1/2 month long base.
    Stop: falls below $37.00
    Price Objective: 42 to 66

    Definition: Right Shoulder: A head and shoulders top or an inverted head and shoulders bottom describes the shape that many price patterns form before moving sharply up (inverted) or down.
  132. Does anyone have a stock they consistently trade that looks attractive on the long or short side?
  133. I accumulated 1700 PQE at an average of 40.24. The volume is very weak so expect big swings and lack of liquidity. (IMO) Don't play this as a daytrade or you could easily be scarred out by the specialist.
  134. Right you are the stock looks to thin..For us scarred rabbits...

  135. Excellent buying, you got 'em at an exceptionally good price given the very low volume.
  136. MSFT short
  137. MSFT short looks good....just broke 25 day Moving Average (MA) support.
  138. I trade COF regularly and although it's up about 50% in 1 month, I see it making new 52 week highs.
  139. Nice trade on PQE.
  140. Currently short:

    Currently Long:
    MCRL (several days now)
    AFFX (stopped out)

    Was spanked on a long position in STEL this morning. My good day is only mediocre now.
  141. COF has more than filled the gap that occurred back in Aug/Sep. I like the chart to go long, but the will more than likely be some retracement short-term. I definitely wouldn't short the stock rather wait a few days and let it play itself out. If it breaks through 66.50 area it could easily test last May's high. If a $2-$3 pullback happens I might consider going long for a swing trade.
  142. OPWV....If this stock tests $5.50 I would still hold short.

    LWIN is continuously testing it's support. If it breaks support watch out....this stock could drop fast. Be attentive to this one in particular due to charting indicators and the fact the LU and the telecom sector in general has forecasted a slower than expected 3rd and 4th quarter. There can be some quick money made if this stock holds true.

    CRUS and OVER are good shorts as well.
  143. Short 2,000 AOL @ 25.24.
  144. Interest Rate Jitters Punish Stocks

    Stock prices fell on fears of rising interest rates after the Fed served notice yesterday that their agressive easing campaign has come to an end. Intel fell after one brokereage cut its earnings estimates and Bristol-Myers Squibb suffered from disappointing results in clinical trials of its new heart medication.

    The Dow Jones Industrial Average fell 134 points (1.3%) to 10,502, the S&P 500 index lost 18 points (1.6%) to 1152, and the Nasdaq Composite plunged 48 points (2.5%) to 1833. Airline and computer related shares paced the broad based decline. Volume was moderate with 1.3 billion shares trading on the Big Board and 1.6 billion shares changing hands on the Nasdaq.

    10:30:31 AOL SHORT 2000 25.24 -0.06
    PQE BOT 1700 40.24 +0.61

    LU BOT 4000 4.55 -0.11
    BBH BOT 1000 127.47 -3.07
    HET BOT 2000 42.92 +0.53
    IBM SHORT 1000 106.61 +0.02
    MLNM BOT 2000 22.60 +0.76
    DNA BOT 2000 51.97 -0.24
    ADBE BOT 2000 39.65 -1.30

    CLOSED P&L: $0 OPEN P&L: $2,080
    TOTAL CLOSED P&L: $14,381
  145. Jobless Claims Fall, Inflation Still Tame

    US equity index futures are pointing to a flat to slightly higher open as initial jobless claims declined by a larger-than-expected 12,000 and the February CPI generally matched expectations. Corporate news is limited this morning, while US Treasuries are lower and European markets are mostly higher.

    I will post my plays after market open.
  146. Closed 4,000 long LU @ 4.65 for profit of $400.00.

    I'm glad to get out on the + side after seeing how quickly LU dropped yesterday. I stll think it's a good "investment" but not as a short-term swing play. I will post my opening traedes for the day soon.
  147. SBUX - Buy
    Stock advanced out of 2 month consoidation base.
    Support @ 23.70
    Target @ 29.75

    HD - Buy
    Stock bounced off double bottom, MACD bullish crossover
    Target @ 51.80
    Tight stop @ 48.30

    WCOM - Buy
    During stong down day, WCOM closed up on day and above bearish support line.
    Support @ 6.05
    Target @ 8.60
  148. I was looking @ HD also, another inverse head and shoulders.

    I'm testing a new RS indicator and it basically tells me theres more upside in COF, wish I would have looked at it earlier as I was shorting it in the 61 dollar area, but fortunately I got out with a small profit after some pain.
  149. Closed ADBE long @ 38.94 (avg) for a loss of $1,420.

    Opened long 2,000 HD @ 48.62
    Opened long 2,000 SBUX @ 23.63

    Still watching WCOM...I want to buy in on a dip over the next day or two.
  150. Closed 2,000 Long AOL @ 24.24
    Profit: $2,000

    I think the Dow is due for a short term rally soon so I'm happy with a point in one day. I still like my short on IBM regardless how the Dow reacts.
  151. Sold 700 PQE @ 42.70
    Profit: $1,722

    Still long 1,000
  152. Any clue as to the noontime SBUX belch?
  153. Looks like a few large blocks were presented to MMs and they gapped it down temporarily. Not sure if that was the only reason.

    PQE looking Strong.
  154. Closed 1,000 long PQE @ 43.61
    Profit: $3,370
    Total Profit on PQE (all 1700 shares): $5,092
  155. PKS - Buy
    High Volume on breakout. Hitting new highs since Sep. lows.
    Support @ 15.10
    Target @ 19.75
  156. Bought 2,000 PKS @ 17.00
  157. Take a look at OVER. It went on a ferocious stop popping rally. Probably from such a long downtrend. I luckily moved my stop down and covered my position at an average of $28.40 and went long.
  158. I've been watching OVER....watch out if you're still long. I'm thinking about taking it short. It should fill that gap up soon. There was no news to cause that much momentum so MMs are playing it and will cover their longs in the near future most likely.
  159. Sold my long position in OVER at $30.25 for a $1.85 profit. Hard to tell if this end of day rally is real or just a fakeout.
  160. I don't know anyone who went broke taking profits.....nice play on OVER! I wouldn't worry that it's still running. This stock is very volatile right now and is in the gambling stage. I'm waiting until the morning to see what shakes out overnight and pre-mkt.

    13:46:31 PKS BOT 2000 17.01
    13:28:19 PQE SLD 1000 43.61
    11:39:42 PQE SLD 700 42.7
    11:09:46 AOL BOT 2000 24.24
    10:57:08 SBUX BOT 2000 23.63
    10:58:01 ADBE SLD 2000 38.94
    10:56:12 HD BOT 2000 48.62
    10:09:21 LU SLD 4000 4.65


    Long PKS 2000 17.00 +0.25
    Long SBUX 2000 23.63 +0.33
    Long HD 2000 48.62 +0.38
    Long DNA 2000 51.97 +1.75
    Long MLNM 2000 22.60 +2.66
    SHort IBM 1000 106.61 -0.01
    Long HET 2000 42.92 +1.21
    Long BBH 1000 127.47 +0.18

    CLOSED P&L: $6,072 OPEN P&L: $13,400

    TOTAL CLOSED P&L: $20,453

    This track record P&L is based from trading
    for 7 business days (including today) starting
    on March 6th, however, I was on vacation all
    of last week. At then end of this week I will
    post % ROI and ROE.
  162. Taking the middle 80% is enough for me. Made $1.34 down and $1.85 up in 2 days so I can't complain.
  163. Seanote,

    Nice going.
  164. I am really enjoying this thread. How do you size your positions? I typically size mine based on my stoploss point and the amount I am willing to risk. For example if I am long at 42 with a stoploss at 40 and I am willing to risk a 1k loss then I would buy 500 shares -- 1000/(42-40).
  165. Seanote
    Congrates on your on the mark trading. Terrific posting.
    Especially for those of us that don't trade that size or that well.
    Keep it up please.

  166. When I first started trading I based my share size by stock value, volatility beta, risk tolerance for monetary losses. It is a good strategy to use. Since I've built my acct up over the years I worry much less about BP used and normally trade 2,000 lots unless the stock is very expensive I will scale down to 1,000 due to the volatility. If a stock is under $5 I will trade 3-5K share size. I never use or carry overnight positions that exhaust all or most of my BP so I will have the staying power if I need to hold my trades for a few days longer.
  167. Sold 1,000 BBH @ 126.91
    Loss: $560.00
  168. Naz ended day with bullish engulfing pattern on Thurs. Candelstick pattern also shows a trend reversal.

    WARNING: The Dow and S&P broke through support Thursday morning but closed above it. This a signal that the Dow and S&P might be heading south short term. Yesterday's low is now the support.

    These are only opinions.

    BRCD - Buy
    Double bottom with strong oversold bottom, MACD bullish divergence.
    Support @ 22.05
    Target @ 29.50
  169. Bought 1,000 BRCD @ 26.60
  170. Sold 2,000 HET @ 44.97
    Profit: $4,100
  171. Sold 2,000 MLNM @24.54
    Profit: $3,880
  172. Bought 1,000 BRCD @ 25.94

    Total position: Long 2,000 @ 26.25 (avg)
  173. Is averaging down a losing trade a good idea?
  174. There's a big difference between averaging down and building a position which is what I suspect Seanote was doing (as he previously said he likes to have 2000sh positions).
  175. I am a swing trader and usually trade 2K lots. I only picked up 1K of BRCD earlier today due to the volatility. My indicators signaled long this morning after the gap up so I took half my position with the understanding that I would fill the other half on a dip. I normally due not average down or up especially if I'm daytrading. I plan on holding BRCD for a few days unless news or extreme movement dictates otherwise.
  176. just shorted SCIO, looks very overbought to me. will get ride of it early next week.

    14:28:24 BRCD BOT 1000 25.94
    14:22:04 MLNM SLD 2000 24.54
    13:16:17 HET SLD 2000 44.97
    10:47:32 BRCD BOT 1000 26.56
    09:37:17 BBH SLD 1000 126.91


    Long DNA 2000 51.97 +1.70
    Short IBM 1000 106.61 +0.99
    Long HD 2000 48.62 +0.60
    Long PKS 2000 17.01 -0.06
    Long SBUX 2000 23.63 -0.06
    Long BRCD 2000 26.25 -0.30

    CLOSED P&L: $7,420.00 OPEN P&L: $4,750.00
    TOTAL CLOSED P&L: $27,873

    Last 8 Trading Days since joining the board:

    Avg. Daily Overnight BP Used: $650,000 which
    gives me a figure of $325,000 cash equity used.

    27,873 / 325,000 = .0857 = 8.57% return in 8 days.

    ROI = 1.07% daily.

    Obviously these figures are somewhat rought due to
    exact Overnight (ON) BP used daily being an
    average estimate.
  178. SCIO looks like a pretty good short now. Watch for more news and if no more is release by Mon open I might take it short.

    Does anyone know what happened with OVER today. That volatility is rediculous!
  179. Seanote: Would you say that your results since you have posted to this board have been typical of your trading style? Are they above or below your average or are they in line with past results? I am also curious if you trade any differently since your trades are now "displayed for all to see". Do you feel any extra pressure to "perform"? I hope you continue to post your trades as I have greatly enjoyed it.
  180. PASADENA, Calif., March 22 (Reuters) - Internet search engine company Overture Services Inc.(OVER) said on Friday it had extended its deal with AOL Time-Warner Inc's (AOL) America Online until April 24 in order to continue talks with the Internet services provider.
  181. My daily ROI is slight higher than average since I started posting on this board but not by much. I don't feel any pressure posting my RT trades on the board for a few reasons: I've been doing this for 6 years and understand the highs and lows that have and will happen which have a direct affect on me and no one else. I'm just providing my perspective on the market and how I trade. If I have a bad trade that only affects my pocket book which is the only "pressure" that I feel. I'm at a point now that I am much more relaxed and able to see the big picture so each time a stock gaps away from me I don't get whipsawed out and close my position in fear which has improved my returns 10-fold. I've worked in the Direct Access business for 3 years now and have seen traders and clients put so much emphasis on their last trade that a bad morning will cloud their judgement and cause multiple losses like a domino effect. If I started this thread a year ago for example and my first 5 trading day posts were all losers then I would have no credibility with the board. That is the psyche of most traders unfortunately. I'm sure I will hit a loosing week in the near future but the trick is risk management. During your loosing streaks don't be stubborn and continue to hold. Minimize your losses and let your profits run. I'm not talking about home runs either. Stops and target prices are very important to stick to.
  182. I just wanted to reiterate some of the other posters to this thread in saying how much I enjoy it and hope you keep it up, win or lose.
  183. This one week trading diary in real time has been very helpful. Keep it up
  184. I want to chime in and also say how much I also appreciate your Real time positions.

    BTW, where in Texas are you?
  185. IMO -

    PALM - Buy
    1 1/2 month accumalation base broke out on Friday's heavy volume. Break out to 6's possible.
    Support @ 3.40
    Target 6.00

    ED - Buy
    Stop @ 40.75
    Target @ 46.55

    COHU - Buy
    Stop @ 26.55
    Target @ 32.75
  186. Sold 1,000 HET @ 45.38
    Sold 1,000 HET @ 45.39

    +2.465 points
  187. Bought 5,000 PALM @ 4.01

    Bought 2,000 ED @ 41.41
  188. Stopped out and sold 1,000 BBH @ 123.90

    -3.57 points
  189. Long 5,000 WCOM @ 6.59
  190. Seanote said:

    PALM - Buy
    1 1/2 month accumalation base broke out on Friday's heavy volume. Break out to 6's possible.
    Support @ 3.40
    Target 6.00

    Hey seanote... how did you pick the stop on this trade?
    Its sitting right in the middle of the gap up.
    Whats your thinking here?

  191. I'm not trying to answer for SeaNote, but I noticed that the 50-day moving average for PALM is 3.40
  192. Bought 2,000 COHU @ 28.23
  193. QBism is correct in regards to the 50 day MA being one of my indicators for determining the stop price on PALM. There's a change the gap up will fill partially, but I don't think it will fill completely short-term. This play is obviously more volatile than the others.
  194. I haven't followed the financial sector lately...does anyone have a few stocks to research on the long side? Thanks.
  195. Seanote
    The banks have been up and running all month. If that is what you are looking for??


  196. Thanks for the heads up....

    Take a looks at Walgreens (WAG)....check out a daily vs. Dow...the trend looks stong. I'm researching more tonight.
  197. My positions and executions are not recommendations to anyone and are only intended to be viewed as one person's perspective and interpretation of the market.

    Earnings Jitters Smite Stocks

    Stocks started the day on a positive note, but quickly reversed direction and headed south before closing near the lows of the day on fears that upcoming earnings reports will not justify the stock market's rise over the last six months. Walgreen Co. (WAG)met earnings expectations and Philip Morris (MO) was found liable for a smoker's death.

    The Dow Jones Industrial Average fell 146 points (1.4%) to 10,282, the S&P 500 index fell 17 points (1.5%) to 1132, and the Nasdaq Composite was down 39 points (2.1%) to 1812. All ten S&P industry groups fell, led by information technology and industrial shares. Volume was light as 1.1 billion shares traded on the Big Board and 1.4 billion shares changed hands on the Nasdaq.


    12:39:30 COHU BOT 2000 28.23
    11:41:25 WCOM BOT 5000 6.59
    11:11:35 BBH SLD 1000 123.9
    10:06:05 ED BOT 2000 41.41
    09:57:13 PALM BOT 5000 4.01
    09:47:24 HET SLD 1000 45.38
    09:47:35 HET SLD 1000 45.39


    Short IBM 1000 106.61
    Long MLNM 2000 22.60
    Long DNA 2000 51.97
    Long COHU 2000 28.23
    Long ED 2000 41.41
    Long WCOM 5000 6.59
    Long PALM 5000 4.01
    Long HD 2000 48.62
    Long PKS 2000 17.01
    Long SBUX 2000 23.63

    CLOSED P&L: $1,360 OPEN P&L: $3,010
    TOTAL CLOSED P&L: $29,233
  198. Seanote - I've enjoyed following your daily journal and, like others, hope you continue doing so. However, I did have a question as to what happened to the 2000 share BRCD position you had on 3-22-02. I didn't see it listed in your closing stats or open position stats for 3-25-02. Just curious as to whether you were stopped out, sold it, or are still holding it. I've got a small position in it and was wondering.
  199. Durable Goods Rise, Shell Buys Pennzoil

    US equity index futures are pointing to a flat to slightly higher open as Royal Dutch's (RD)Shell Oil Co agreed to purchase Pennzoil-Quaker State Co. (PZL) for $1.8 billion and durable goods orders for February rose 1.5%. US Treasuries are higher and world markets are lower.

    Shell Oil Co., a unit of Royal Dutch/Shell Group announced it has agreed to purchase Pennzoil-Quaker State Co for $1.8 billion in cash, in a move that would make it a leader in the auto lubricants market and give it 2100 Jiffy Lube garages. Under the terms of the agreement, Shell will pay $22 for each Pennzoil share, a 42% premium to Monday's closing price, and assume $1.1 billion in debt. Shell commented that it sees some layoffs after the companies are combined, with costs savings of up to $140 million by 2004, and anticipates closing the transaction in the second half of this year.

    Today is going to be very interesting considering I'm 90% long. I think we're close to a pivot point reversal. However, if we break support on the indices I might look to start scaling out of my longs and tread water for a few days. We are not in a good trading market currently and sometimes it's best to sit on the sideline and watch. I don't mind going predominantly short, but not in this market.
  200. Sold 2,000 MLNM @ 23.00

    + .40 points
  201. Sold 2,000 PKS @ 16.96

    - .05 points
  202. My internet was down for the last hour and a half. Delayed post.

    Sold 2,000 HD @ 49.01

    + .39 points
  203. This is not a recommendation.


    14:58:02 HD SLD 2000 49.01
    13:33:22 PKS SLD 2000 16.96
    10:27:28 MLNM SLD 2000 23.0


    Short IBM 1000 106.61 +2.81
    Long ED 2000 41.41 +0.27
    Long COHU 2000 28.23 +0.02
    Long SBUX 2000 23.63 -0.20
    Long PALM 5000 4.01 -0.37
    Long WCOM 5000 6.59 -0.49
    Long DNA 2000 51.97 -0.72
    Long BRCD 2000 26.27 -0.98

    CLOSED P&L: $1,480 OPEN P&L: ($4,620)
    TOTAL CLOSED P&L: $30,713
  204. Rally Loses Steam

    Stock prices surged following today's much stronger-than-expected consumer confidence data, then proceeded to drift lower and finish marginally higher. Several Fed speakers issued dovish comments and durable goods orders rose for the third straight month.

    The Dow Jones Industrial Average gained 72 points (0.7%) to 10,353, the S&P 500 index rose 7 points (0.6%) to 1138, and the Nasdaq Composite was 12 points (0.6%) higher at 1824. Airline, semiconductor and basic materials shares paced the gainers while telecom and utility shares stood out among the losers. Volume on the Big Board was 1.2 billion shares as 1.6 billion shares changed hands on the Nasdaq.
  205. Yesterday's bounce to resistance does not erase the previous day's breakdown. The stronger market averages (Russell 2000 and S&P) are testing support, but the big stock averages are sinking. Sentiment still appears to be bullish but that can reverse rather quickly. Expect another down day.

    These are not recommendations, only opinions:

    GIS - General Mills - Buy
    Stock brokeout of a 2 month base, MACD bullish divergence started in early Feb, expect possible resistance @ 49.50 area.

    Support around 47.75
    Target @ 52.75

    NET - Network Assoc. - Short
    Stock developed a 3 month triple top, broke through support @ 25.00, gapped down below 23.00, expect retracement through gap @ 24 resistance area.

    Stop @ 24.75
    Target @ 17.50

    MCD - Buy
    VPI - Short

    Let me know if anyone has looked at these positions.
  206. Short 2,000 NET @ 23.72
  207. Seanote,

    what is your target n MCD? Is it around 28.50? When do you see this happening? Just started learning so a few pointers would be nice.

  208. Tuna, Indicators dictate buy down to $42.50. This is a longer term play. The stock bounced off support last Thursday and has now seen a strong move starting up again with a primary long term trend.
    Target @ 60 - 70
  209. I mistyped the symbol both times. MDC is correct.
    MDC Holdings
  210. Just got back from lunch and executed:

    Short 1,000 KLAC @ 64.98
  211. Closed 1,000 KLAC @ 63.73 (intraday)

    + 1.25 points
  212. nice work
  213. Looking to go long before close
  214. Partial fill MDC. Long 100 @ 43.69
  215. Long another 600 MDC @ 44.00
    Net long 700
  216. Long 300 MDC @ 44.10

    Net Long 1,000 @ 44.00
  217. Filled 400 more MDC @ 44.10

    Net Long: 1,400 @ 44.03
  218. These are not recommendations.


    15:59:41 MDC BOT 400 44.10
    15:57:35 MDC BOT 300 44.10
    15:48:58 MDC BOT 600 44.00
    15:40:57 MDC BOT 100 43.69
    14:16:24 KLAC BOT 1000 63.73
    12:15:25 KLAC SHRT 1000 64.98
    10:19:56 NET SHRT 2000 23.72


    Short IBM 1000 106.61
    Long ED 2000 41.41
    Long COHU 2000 28.23
    Long MDC 1400 44.03
    Short NET 2000 23.72
    Long BRCD 2000 26.27
    Long PALM 5000 4.01
    Long SBUX 2000 23.63
    Long WCOM 5000 6.59
    Long DNA 2000 51.97

    CLOSED P&L: $1,250 OPEN P&L: $890.00
    TOTAL CLOSED P&L: $31,963
  219. I will be out of town tomorrow and unable to trade from my laptop so I will resume my posts on Monday. Good luck!

    P.S. Bond market closes early tomorrow (Thur). Stock market is open for a full session Thur. and closed on Friday.
  220. Seanote
    I noticed in your open positions that you are long BRCD.
    I must have missed something because I thought this was closed out ?

    Have a Happy Holiday..

  221. Nice thread. really enjoy following it. What may be even more useful is if you post the stops for each trade so that any people following along has an idea of when to bail out. Just a thought.:)
  222. I haven't closed BRCD yet. When I exported my opens from the software it didn't include BRCD for some reason. I am still long 2,000.
  223. My updated open P&L after Thurs. close is $78.00. This is a sure sign I'm on my way to early retirement if I continue these monstrous daily returns!!! Better than negative P&L I guess....

    None of my stops were hit on Thursday so I finished the day with no executions. Back on Monday, have a good weekend!
  224. Stocks are poised to begin the April quarter underwater amid a plethora of mixed news, including a proposed acquisition by Cendant Corp. (CD), an SEC and Department of Justice investigation into Baker Hughes Inc. (BHI,38,f2), and a federal court's overturning of a patent infringement suit against Medtronic Inc. (MDT). Bond prices are higher and Asian stocks finished slightly higher, with European markets remaining closed for the holiday.

    Plays for the day soon to follow....
  225. Long 2,000 NVDA @ 41.28
  226. Closed 2,000 NVDA @ 41.78

    +.50 points (intraday)
  227. I'm a bit busy today so here is a brief synopsis....


    QQQ - Buy
    Target @ 1st $38.50, 2nd $41.70
    Stop @ $35.25

    NDE - Short
    Target @ $20.00
  228. Closed 1200 MDC @ 41.20
    Closed 200 MDC @ 41.10

    - 2.84 points

    BAD CALL!!!!!

    11:30:28 MDC SLD 200 41.1
    11:30:18 MDC SLD 1200 41.2
    11:13:47 NVDA SLD 2000 41.78
    10:09:19 NVDA BOT 2000 41.28


    Short IBM 1000 106.61 +3.41
    Long BRCD 2000 26.27 +2.29
    Long ED 2000 41.41 +0.14
    Short NET 2000 23.72 +0.04
    Long WCOM 5000 6.59 -0.03
    Long PALM 5000 4.01 -0.03
    Long COHU 2000 28.23 -0.19
    Long SBUX 2000 23.63 -0.70
    Long DNA 2000 51.97 -1.19

    CLOSED P&L: ($2,982) OPEN P&L: $3,890
    TOTAL CLOSED P&L: $28,981
  230. I had to leave early today. However the last call I saw was about the qqq's. Just curious how come I don't see a trade in the QQQ.
    Looks like it was a really good call??

  231. Dismal Tech News Pressures Stocks

    Negative guidance from PeopleSoft Inc. (PSFT) and Qwest Communication's (Q) earnings restatement are weighing on stocks in pre-market activity, despite upbeat profit reports in the electronics retailing sector. Treasury prices are slightly lower and world markets are mixed.

    The most interesting thing about yesterday's market was the number of tech stocks that broke out of week long to month long trading ranges. (CSCO, SUNW, EMC) Most of these stocks still do not have attractive long term patterns, but the current strength suggests a challenge of January highs. Investor sentiment is more of less neutral.

    These are not recommendations:

    RIMM - Buy

    Pulling back towards support, RIMM is set to move upward from these levels. MACD is positive and price is above 30 day EMA
    Support @ $25.20
    Target @ $34.25

    SUNW - Speculative Buy

    Stock has bounced off a double bottom support area. Expect some resistance around $10.00
    Support/Stop @ $8.50
    Target @ $11.25

    BRCD is looks poised to gap up again if the Naz turns around.today.
  232. Long 40 PSFT Apr 27.50 C @ 1.60 (avg)
  233. Closed 1200 ED @ 41.95
    800 ED @ 41.96

    +.544 points
  234. Closed 2,000 SBUX @ 23.44

    - .19 points
  235. I like CPN here, popping up here and it looks like it's forming an inverse H&S.

    12:52:29 SBUX SLD 2000 23.44
    12:46:33 ED SLD 800 41.96
    12:46:28 ED SLD 1200 41.95
    10:45:01 .PQODY BOT 40 1.60 (avg)


    Short IBM 1000 106.61
    Long BRCD 2000 26.27
    Long WCOM 5000 6.59
    Short NET 2000 23.72
    Long PALM 5000 4.01
    Long COHU 2000 28.23
    Long DNA 2000 51.97
    Long .PQODY 40 1.60

    CLOSED P&L: $708.00 OPEN P&L: $3,230
    TOTAL CLOSED P&L: $29,689
  237. CPN looks like a possible long on a minor pullback. If CSCO is red tomorrow I'm going long at some point intraday for a large position. CSCO might take a week or two to get 2 points but I think it's poised for a run especially if the Naz has a rebound.
  238. Long 1,000 CSCO @ 16.43

    I wanted to own some since it's moving up after the close in case there's a pop after hours. I will scale into a larger position tomorrow and maybe tonight.
  239. CPN took a haircut on Moody's downgrade in afterhours, there's your pullback.:)
  240. Markets Look To Open Higher

    US equity index futures are pointing to a higher open amid limited equity and economic news this morning. US Treasuries are lower ahead of the ISM's non-manufacturing PMI report and world markets are mixed.

    According to the Wall Street Journal, WorldCom Inc. (WCOM) may eliminate up to 10% of its workforce amid the continued slump in telecom spending. Separately, the company announced its MCI Communications unit (MCIT) will redeem $700 million in callable bonds as part of a debt reduction effort.

    Plays to follow......
  241. So much for tech stock leadership. Still, it wasn't the more volatile tech stocks leading the way down, most of them are still above support. MSFT is leading the way lower. Investors are worried about a spill over from current Mideast violence. There is little sign of immediate improvement and this sentiment is likely to remain with us for some time. The Naz, Dow and S&P are testing support of their trading ranges. With investors nervous about world events and investor sentiment neutral, a break of support would be a significant sign of trouble. The Naz is leading the way lower and closed at or just below support yesterday. We should test support this morning and if we break it be ready for a few days of negative action.

    These are not recommendations:

    Cautiously Long:

    MLNM - Buy
    CEPH - Buy
    BBY - Buy

    Using tight stops if position is established.
  242. brcd, ebay, qcom
  243. oops...brcm, not brocade
  244. Sold 2,000 BRCD @ 27.18 (delayed)

    + .91 points
  245. Sold 5,000 WCOM @ 6.65

    + .06 points
  246. Short 2,000 MSFT @ 56.85
  247. Closed 2,000 COHU @ 27.90

    - .33 points
  248. Sold 2,000 DNA @ 50.90

    - .1.07 points
  249. Any advice on picking up PCLN at these prices??
  250. Stopped out and closed long 1,000 CSCO @ 16.58

    +. 15 points
  251. I wouldn't touch this stock right now. The stock has gapped down quite a bit on what appears to be no news as of yet. Either insiders are dumping and or negative news will soon be released. If you have been watching this stock closely and noticed that the MMs gapped the price down quickly on relatively low volume, then I might consider taking a short term long position. I personally have never liked PCLN much since the IPO days so I can't give you much more info than that. Good luck!

    14:18:25 CSCO SLD 1000 16.58
    11:57:18 DNA SLD 2000 50.9
    10:27:12 COHU SLD 2000 27.9
    10:32:23 MSFT SHRT 2000 56.85
    10:23:09 WCOM SLD 5000 6.65
    10:01:39 BRCD SLD 2000 27.18


    SHORT IBM 1000 106.61 +6.61
    SHORT NET 2000 23.72 +0.28
    SHORT MSFT 2000 56.85 +0.22
    LONG PALM 5000 4.01 -0.34
    LONG .PQODY 40 1.60 -1.05

    CLOSED P&L: $(530.00) OPEN P&L: $1,710
    TOTAL CLOSED P&L: $29,159

    Still weary of establishing any new long positions from my watch list. I will have to wait and let the market tip it's hand over the next couple days.
  253. Claims Rise, Stocks Fall

    Despite Dell Computer's (DELL) favorable guidance, stocks are poised to fall slightly at the open amid a much bigger-than-expected rise in jobless claims and earnings warnings from Bristol Myers Squibb (BMY) and Checkpoint Software (CHKP). Bonds rose following the claims data and world markets are under pressure.
  254. Closed 2,000 short NET @ 22.21

    + 1.51 points
  255. The major market averages all broke support yesterday. Investor sentiment is not bearish enough to look for a bottom, so the market appears to be looking for a test of late January to mid Feb. base. The S&P and Naz are near the top of their short term channel so expect them to test the lower end. The stongest market averages, S&P small and mid cap, and Russell 2000 haven't broken down quite yet, but the weakness in the big caps will likely spill over and drag these down.

    MSFT short still looks like a good play.

    MO - Buy
    Finishing new base after a major move up this year. This base generates a $60 short term target if you're willing to hold for a while.

    Support/Stop @ 51.75
  256. Closed short 1,000 IBM @ 100.70

    + 5.91 points
  257. Long 2,000 MO @ 53.53
  258. Long 1800.... not 2000
  259. Long 200 MO @ 53.41

    Total Position: Long 2,000 @ 53.52
  260. Short 1,000 QLGC @ 50.59
  261. This is an Intraday play.
  262. Covered 1,000 QLGC @ 50.08

    + .51 points
  263. 2nd Intraday:

    Short 1,000 QLGC @ 50.57
  264. Covered 1,000 QLGC @ 50.20

    +.37 points (2nd intraday)
  265. Long 1,000 QLGC @ 51.00
  266. Closed long 1,000 QLGC @ 51.99

    - .01 points

    MSCO would not let the offer go above 51.00
  267. If MSCO leaves the offer at 51.00, QLGC is running!

    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


    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?
  269. 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.
  270. 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.

  271. Referring to your question on my 2nd intraday trade on QLGC yesterday..... I was not looking for a swing trade and my exitting decision was derived from stochastics and L2. The resistence you mentioned of 51.50 - 52.50 would be accurate if I opened the position as a swing trade.
  272. The market has been largely trendless for month undergoing a series of short up and down swings. Having broken support the market appears headed lower BUT the market has a chance to refuse a trend. Watch resistance carefully on the Dow, S&P and Naz. All have potential bottoming patterns. The Dow has an inverse head and shoulders, the S&P and Naz have double bottoms. If they rally through resistance this will signal that TRENDLESSNESS continues to rule.

    Pull up a S&P 500 - 5 day, 15 minute chart (candles)
    - potential double bottom @ 1,120

    Pull a Naz Comp - 5 day, 15 minute
    - potential double bottom @ 1,770

    These are not recommendations:

    TLAB - Short
    - Failure to establish a base at Feb lows confirms major down trend.
    Target @ $8.20
    Stop @ $10.15

    ACI - Buy
    Wed. strong breakout and retreat to support at what was a triple top spread from late Oct. through early Jan is an opportunity to buy.
    Target @ $31.00
    Support @ $22.25

    FBN - Short (if you can locate shares)
    Long term trend has temporarily topped out
    Target @ $ 33.25
    Stop @ $37.25
  273. ....running a bit behind today.

    Short 3,000 TLAB @ 9.68 (delayed)
  274. Sold 20 .PQODY @ .50

    - $2,200

    This is why I don't like to trade long options.......

    Still long 20
  275. I wanted to talk about Gap strategies and what I have used vs. what others may use. This could turn out being another thread I should have created.
    When the market begins a Trendless cycle this is a good time to switch strategies if your current strategy is not profitable. Over the years I have experimented with many strategies some of which have worked for a month or a day or NEVER. One that I always go back to in this type of market cycle is playing the Gaps. There are variations of this strategy that I'm sure many of you will agree or disagree that work. I have tweaked with the details and parameters of this strategy and query builds over time that I have formulated.
    Basic strategy: Run a query at or a few minutes before market open to look for stocks that have gapped up and down based off of previous days close. Now is where different people's interpretations of this strategy come into play.
    First Style: Wait a few minutes after the open and let the amateurs send out their market orders chasing the stock while going WITH the gap. Once the stock appears to reach a top or bottom, use your indicators to do so, I will FADE the Gap....meaning for example. MSFT opens up $2.00 from previous day's close to $57.00 and starts to run to 57.25, 57.50 and then tappers off. This is where you open your SHORT and fade the gap. Same for Gap downs when you open a long. You then use your indicators, L2 and price objectives to implement your exit. I personally like this strategy but you must be ready for a volatile ride especially when volume on the gapped stocks are ripping. 80% of the time the stocks gap due to news which is the only ones I play. If no news is out I won't touch the stock. There's a good chance MMs are running the stock up or down and will hand you your ass real quick! I stay away from Listeds unless they have strong averge day volume with consistently tight spreads.
    Second Style: (I use this one more often) Use your Gap Up or Down list and watch these stocks at market open. Use the 10:00 rule, which is don't open a position on a gap play until 10:00 est at the earliest. I have found that waiting until 10:30- 11:00 has been the best time frame on average but that is something you will need to decide for yourself. More importantly, I wait for a channel to form intraday during this time frame before I open the position. Here is the criteria that must be met in order to open the position. IF the stock is near, at or settings a day high then open the position going WITH the gap. Example: MSFT gaps up $2.00 to $57.00 at market open. At 10:45 est MSFT is trading at 57.20 which is almost at a day high then begins forming a channel and ticks down to $57.05, you go long. Now the time frame to exit the position differs depending on your price objective and how the market reacts intraday. What I like about this strategy is that the stock gapped for a reason (news, ect;) so the stock will generally not be as sensitive to market movement as other stocks that are trading based solely on technical indicators and indices. If the criteria is met on a gap up position and you go long then later in the day if bad economic news is released, your position might move against you a tad but not as much as the average stock with no news for the day. In regards to an exit time frame I will hold the position through lunch and begin watching closely around 2:00 est. Obviously if the stock is still settings day highs going into the close you want to hold the position for most of the session and close before the bell. This is a good time to implement a trailing stop with a decent cushion since these stocks are a little more volatile than normal due to the volume. Establishing stops is solely based on risk tolerance.
    When I refer to my Gap Lists I mean that I use a software that I can build particular queries and filters to select certain stocks that meet the criteria I set. Example (Gap Up): Filters: Volume greater than 100,000; Open price is greater than close; only stocks on NASDAQ; gap is equal to or greater than .50; search Gap list. This query will scan every Naz stock that meets this criteria and populate my screen. Then I print the stocks and compare the change in price from market open then at 10:00 then to the time I decide a channel has formed and I think the tiem is right to open the position.
    The example I used above also applies to the Gap Down strategy as well.
    Typically this strategy only works in TRENDLESSNESS markets so it's important to pay attention to current market cycles and be able to interpret rather quickly when trends begin.
    If anyone uses this strategy or a variation of please comment on your success and any suggestions that you have.

    11:06:06 .PQODY SLD 20 0.5
    10:45:41 TLAB SHRT 3000 9.68


    Short MSFT 2000 56.85 +0.96
    Short TLAB 3000 9.68 +0.01
    Long PALM 5000 4.01 -0.46
    Long MO 2000 53.52 -0.99
    Long .PQODY 20 1.60 -1.15

    CLOSED P&L: ($2,200) OPEN P&L: ($4,550)
    TOTAL CLOSED P&L: $36,759
  277. Major Intermed. Minor
    Sector Up Down Up Down Up Down
    Capital Equipment 3 0 1 1 2 0
    Consumer Durables 3 0 0 0 0 0
    Consumer Non-Durables 2 1 1 0 0 2
    Energy 2 0 2 0 0 0
    Financial 5 0 0 0 1 0
    Natural Resources 0 0 0 0 0 0
    Transportation 0 0 0 0 0 1
    Utilities 2 1 0 0 0 0
    ____ ____ ____ ____ ____ ____
    Totals 17 2 4 1 3 3

    I'm not sure if the board reads these posts on my mkt commentary and swing plays. Should I keep posting this type of info or am I creating unecessary reads? Thanks.
  278. I don't understand that table
  279. Some how the format was squeezed together.
    Each Sector has a MAJOR - INTERMEDIATE - MINOR trend
    Within each Trend is a UP and Down number referring to how many stocks within that sector are in up or down trend. Hope that clears up the messy table.
  280. Hey Seanote, yes I have been following your posts and I appreciate your time & effort in doing so. I am still new to trading Nas stocks, and as such do not have a lot of information to contribute. Is it possible for you to share some of your strategies, for stock selection and entry premises? I am utilizing the methods I learned from Jay @ undergroundtrader, and am having some success. Essentially I chart the Nas futures as a lead indicator. I use 5 & 15 min moving averages on 1 & 3 min charts with stochastics. This is a scalping technique that yields a minimum of .10 and can be as much .25. These methods were producing .25 to .60 & up, but conditions since mid-January have greatly diluted the potential for profit.

    I do find it encouraging and inspirational reading about other traders and their results. Thanks for posting.

  281. How is the condition of the trend determined? I pretty much just look at a couple of sectors sox, rlx, bix, inx. And look at a short time frame 3 or 6 month daily chart, to determine if its at sup/res, breaking sup/res, or in the middle. I just dont make the time to try to study larger market sector rotation. I figure it would help to get a feel for the current market conditions. So what is this info you posted telling you? Cant tell what numbers go where either.

  282. seanote,

    dont stop! imo you´re providing excellent stuff and this is one of the most interesting threads on elitetrader!

    keep on moving man

  283. Seanote,

    You are providing a good service to those who need it, especially for a "rookie" investor who does swing/position trade.

    Keep writing and I love your posting daily even though I can only read it in the evening.

    Good luck on your trading.
  284. Seanote,

    Please continue posting. I also find your postings, results and work to be inspirational and look forward to more. Thank you for what you've shared so far!

    - David
  285. Mideast turmoil worsened over the weekend which is scaring the markets into negative territory. Expect the DOW to decline to recent lows while the S&P and Nas are in a weakening condition now moving through support. Watch for a low aroung 10:30 am est. today which should offer a good trading opportunity bouncing back to last week's lows.
  286. PFE - Short
    Stop: $39.40
    Target: $34.50
    Friday's big volume breakdow appears to be a continuation of the long term down trend.

    T- Short
    Stop: $16.70
    Target: $13.80
    AT&T has broken all short term support levels. Any upside move will run into significant resistance in the $16 area. There is no relief insight in a 2 year down trend. Long term support @ $11.00.

    FWC - Speculative Buy
    Stop: @ $2.55
    Target: @ $4.50 (Long-term)
    Last Wed. dip to support appears to have held. The pattern looks very good and the best index measured by cap size is small cap.
  287. Please keep up the posts and commentary. They have been terrific.
  288. Short 2,000 PFE @ 38.08
  289. Bought 5,000 FWC @ 2.75
  290. Just got back from lunch and my alert triggered........

    Bought 2,000 MSFT @ 55.55

    + 1.30 points
  291. Blue Monday

    Stocks were pounded at the market open following an earnings and revenue warning from tech heavyweight IBM (IBM), but positive news out of the software sector helped lead a slow recovery and stocks finished the day generally higher. Wholesale inventories fell in February and bond prices were lower.

    The Dow Jones Industrial Average fell 23 points (0.2%) to 10,249, the S&P 500 index gained 3 points (0.2%) to 1125, and the Nasdaq Composite gained 16 points (0.9%) to 1786. Without IBM, the DJIA would have finished with a 46 point gain. PC, telecom and airline shares paced the losers while software, retail and oil related shares stood out to the upside. Volume on the Big Board was 1.1 billion shares as 1.6 billion shares changed hands on the Nasdaq.


    13:13:46 MSFT BOT 2000 55.55
    12:56:47 PFE SHRT 2000 38.08
    11:32:31 FWC BOT 5000 2.75


    Long FWC 5000 2.75 +0.07
    Short TLAB 3000 9.68 -0.17
    Long PALM 5000 4.01 -0.57
    Short PFE 2000 38.08 -0.39
    Long .PQODY 20 1.60 -1.25
    Long MO 2000 53.52 -1.19

    CLOSED P&L: $2,600 OPEN P&L: ($8,670)
    TOTAL CLOSED P&L: $39,359

  292. Seanote - this thread has 28,000+ views! Your posts are obviously very popular here....

    I agree with the others -- please keep posting, and thanks. :)
  293. Compaq Boosts Stocks

    Compaq's (CPQ) increased revenue guidance and Saudi Arabia's assurances that it will fill any void in the global crude supply on the heels of Iraq's embargo endeavor are giving stocks a slight boost in pre-market activity. Bond prices are virtually unchanged in the absence of any significant economic news and markets overseas are mixed. However, futures are relatively flat as open nears.

    Emphasizing market share gains in its health care, education, and travel markets, No. 2 PC maker Compaq Computer offered upbeat 1Q guidance after the bell last night, saying that it expects revenue of $7.7 billion, ahead of First Call's $7.6 billion consensus forecast. Compaq also said it expects to meet or beat the Street's mean $0.01 per share profit estimate.

    Plays to follow...
  294. This time it was the bears who were frustrated as the market digested yesterday's bad news very well. While the big cap market averages are still below resistance, smaller cap averages were able to close at 4 day highs. WATCH DELL AND KO! Dell was able to shrug off IBMs bad news yesterday and followed up nicely. It is very close to breaking a 3 week trading range. KO enjoyed another nice rally and continues to set highs. Yesterday's huge bullish engulfing pattern is a strong positive.

    These are not recommendations:

    SBUX - Buy
    Stop: $23.25
    Target: $26.75
    Monday's close was high for the year generating a strong up trend.

    BLS - Short
    Stop: $39.10
    Target: $27.25
    Virtually all support has been penetrated and heavy downside is anticipated.

    XEL - Short
    Stop: $26.00
    Target: $23.25
    Broke down after forming a short term top. No support until $23.25.
  295. Morgan Stanley initiated coverage of SBUX yesterday.
    I requested the report (dated 4/5/02), and it looks very good.

    The MS target is $26, and the rating is "Overweight".

    Very strong financials. IBD=99=A+
  296. Long 5,000 CSCO @ 15.45

    IMO - This is a terrific buying opportunity! Might pull back a bit more but I feel confident I'll pull 1 - 1 3/4 points on this play over the next few weeks if need be.
  297. Long 2,000 SBUX @ 24.41
  298. Earnings Jitters Re-emerge

    Large-cap technology shares led the major indices lower despite raised guidance from Compaq Computer (CPQ). Microsoft (MSFT), Cisco (CSCO) and Intel (INTC) alone were responsible for nearly half of the decline in the S&P 500.

    The Dow Jones Industrial Average fell 40 points (0.4%) to 10,209, the S&P 500 index dropped 8 points (0.7%) to 1118, and the Nasdaq Composite tumbled 43 points (2.4%) to 1743. energy and computer shares paced the losers while chemical and airline stocks stood out among the gainers. Volume on the Big Board was 1.2 billion shares as 1.7 billion shares changed hands on the Nasdaq.


    11:33:15 CSCO BOT 5000 15.45
    11:31:11 SBUX BOT 2000 24.41


    Long SBUX 2000 24.41 +0.52
    Long FWC 5000 2.75 +0.22
    Short TLAB 3000 9.68 -0.08
    Long PALM 5000 4.01 -0.40
    Long CSCO 5000 15.45 -0.63
    Short PFE 2000 38.08 -0.65
    Long MO 2000 53.52 -1.19
    Long .PQODY 20 1.60 -1.50

    CLOSED P&L: $0 OPEN P&L: ($9,930)
    TOTAL CLOSED P&L: $39,359
  299. Earnings, Earnings, Earnings

    US equity index futures are pointing to a higher open as earnings reporting season gets under way, with Genentech (DNA) matching profit expectations. (I'm glad I dumped that stock last week!) US Treasuries are lower as no economic reports are scheduled for release today, and world markets are higher.

    Genentech reported 1Q operating earnings of $0.22 per share, matching First Call estimates, on a 14% revenue gain to $613.4 million, as results were fueled by strong gains for its cancer drug Rituxan, which saw a 44% sales increase. Genentech stated it is comfortable with analysts' $0.91 per share 2002 profit estimates. Fellow drugmaker Idec Pharmaceuticals (IDPH), who co-markets Rituxan, forecast 1Q earnings of $0.17 per share, a penny ahead of the Street consensus.

    Shares of Research In Motion (RIMM) are lower in pre-market activity after it reported a 4Q operating loss of $0.14 per share, slightly better than First Call's $0.15 loss estimate, on a 26% sales decline. However, the company increased fiscal 1Q earnings loss projections to $0.18-0.22 per share from $0.10-0.12 per share.

    SunTrust Banks Inc. (STI) posted 1Q operating earnings of $1.20 per share, $0.03 higher than analysts' Street estimates, as expense control measures boosted results. Net income fell 9.7%, however, mainly due to acquisition costs and bad loans surrounding the Enron (ENRNQ,0.29,f1) debacle.

    According to the Wall Street Journal, the SEC may file civil charges against two former Xerox Corp. (XRX) executives and a partner at its auditor KPMG (KCIN). The news follows last week's announcement that Xerox would pay a $10 million fine to settle an SEC accounting inquiry

    I highlighted DELL yesterday as it was close to a significant upside breakout. DELL did breakout but faded and ended down on the day. DELLs troubles were typical of big cap stocks. DELL could offer a key insight into the markets performance as it has dipped to support.

    VOD - Short
    Stop: $18.50
    Target: $14.25
    Virtually all support has been penetrated and further downside is expected.
  300. Short 3,000 VOD @ 17.16
  301. I think VOD short is one of the easiest technical calls to make right now. Is anyone else short?
  302. Yes.

    I first noticed the gap downs the past couple of days.

    It's the first trade I have made on the TS platform I got running yesterday, so I am being careful with a small trade.

    The charging DOW did make me a bit nervous going short this morning.

    Stop set lower than Seanote though at 18.35.
  303. After watching 51 pages of your trading I finally tried one.
    But scared money got me...I did however make .20 on the trade..
    So that is a plus !!!! It can go against the rest of my trades which havn't had the same results..

    Thanx for the posts
  304. When a stock is screaming short technically and is only up a few cents when the DOW is surging towards 100 points on the plus, this is another signal to go short.
  305. Long 5,000 WCOM @4.64

    Looking for intraday play but I might hold overnight pending news.
  306. Agreed.

    I am short VOD and INTC, and although INTC made a brief rally from 10:15 to 11am, it is now continuing downward trend which sharpened yesterday.
  307. I have been short TLAB for a couple days and think this position has the same potential as VOD on the down side. Look at an 90 day daily chart and an intraday and watch the channels forming towards the downside.
  308. Seanote- (or anyone else)
    Sorry if this question doesn't fit in your thread, but I wanted an opinion from someone much more experienced than myself. What is going on in the last half hour (1:30-) in the Semi and SANS Nasdaq stocks? Is this just a short squeeze that is going to get sold into in the last two hours? The same thing happened at 10:15 this morning.


  309. Closed 5,000 WCOM @ 4.85

    + .21 points (intraday)
  310. The $SOX gapped up very quickly which is more than likely a short squeeze. This gap up should be filled by days end or early tomorrow barring any significant Semi news. I don't like long options but this wouldn't be a bad time to trade long puts intraday or a day out. IMO.
  311. Sold 5,000 CSCO @ 15.65 (delayed)

    + .20 points

    I still love this stock as a swing play, but I don't like the fact that it is up .80 cents today and I was only up .20 cents on my position. I will wait for a dip again and open another position.
  312. 14:40:15 CSCO SLD 5000 15.65
    14:13:22 WCOM SLD 5000 4.85
    12:44:27 WCOM BOT 5000 4.64
    10:43:17 VOD SHRT 3000 17.16

    I'm on the way out so I'll update my Open/Closed P&L tomorrow am.

    Long SBUX 2000 24.41
    Long FWC 5000 2.75
    Short TLAB 3000 9.68
    Long PALM 5000 4.01
    Short PFE 2000 38.08
    Short VOD 3000 17.16
    Long .PQODY 20 1.60

    CLOSED P&L: $2,050 OPEN P&L: ($3,880)
    TOTAL CLOSED P&L: $41,409
  314. Stocks Depressed

    Already down before General Electric's (GE) earnings update that generally met expectations, stocks are poised to open lower following a worse-than-expected jobless claims report and a bigger-than-expected 1.1% jump in import prices. Bond prices are higher following the economic data, but world markets are mixed.

    General Electric said reported 1Q profits of $0.35 per share, matching First Call's consensus estimate. The conglomerate posted revenue of $30.52 billion, slightly ahead of the year-ago's 30.49 billion. Going forward, GE said it expects 2002 EPS of $1.65-1.67 per share, in line with the Street's $1.66 per share mean estimate.

    Wal-mart Stores (WMT) led generally strong same-store sales results among discount and apparel retailers, reporting that same-store sales grew 9.5% in March, at the higher end of its internal 8-10% forecast. Net sales in the five weeks through April 5th rose 14.5% from the year-ago period.

    Yahoo Inc. (YHOO) posted 1Q earnings excluding charges of $0.02 per share, matching the Street's consensus estimate. The Internet communications and media company also raised targets for 2002, increasing full-year revenue projections to $870-$910 million from a previous range of $750-$800 million, and EBITDA to $105-$130 million from $70-$100 million, but the upbeat targets reflect its recent acquisition of HotJobs, and YHOO said its core advertising business remains weak.

    Network security provider Network Associates, Inc. (NET) reported a 1Q pro forma profit of $0.09 per share, beating the Street's consensus EPS forecast by $0.02 on strong demand for its products. The results exclude web-security provider McAfee.com, in which NET has 75% ownership. NET raised FY02 guidance, saying that it now expects pro forma earnings of $0.50-0.55 per share and revenues of $875-900 million, excluding McAfee.

    Plays following.....
  315. The Dow had a nice up day and the Naz stopped the bleeding yesterday, but the most significant characteristic of this market is the contrast between the have's and have-nots. The Naz did show some signs of bottoming yesterday, but the Russell 2000, S&P small and mid cap indexes closed at new highs. The strength is CLEAR! Stick with it........ Look for the rally to continue today.

    These are not recommendations:

    MCHP - Buy
    Support: $40.25
    Target: $ 49.00
    Just broke out of a month long consolidation making new highs.

    CKP - Buy
    Support: $15.25
    Target: $22.00
    The high volume breakout above last summer's high re-establishes a powerful uptrend.

    AOL - Short
    Stop: $22.50
    Target: $16.25
    All support has been penetrated and a further downside move is anticipated. Note the high volume during the slide.
  316. This short is looking strong! My TLAB short is starting to work for me as well. Anyone in VOD or TLAB?
  317. Yes.

    I bought more at end of day yesterday at $17.15 or so.
  318. I looking to go long soon in CKP... the chart is starting to shape up nicely.
  319. Long 2,000 CKP @ 18.50
  320. Short 2,000 AOL @ 20.25 (delayed)
  321. i am just testing this deal.... i am long emc at 9.90
  322. Hi Seanote,

    I've been holding SBUX for a few weeks now. It finally cracked $25, and volume looked good...but today volume thus far only at 900k.

    Looks like it may be losing steam?!

    And since I haven't mentioned it before, I've learned alot from this thread. It is the real world example that fits me well and is improving my trading acumen.

    Thank you much.
  323. I am continuing to hold my long. SBUX is still positive today considering how the indicies are trading which is a strong indicator. Once the market has a positive day I believe SBUX will run. Anytime a stock fights the market, this signals significant strength. I'm looking to get out around 25.50 - 26.50.
  324. I should have stuck to my target on MO and held. This stock is poised for a couple point run. It's up .25 against the DOW> Stong indicator! It may very well be a good opportunity to go long.
  325. Seanote
    I still have you long MO. Could you tell me when it was sold?
    Just trying to follow along with your posts..
  326. Moffitt - Thanks for the heads up...

    I sold yesterday 2,000 @ 53.62
    + .10 points

    Looks like the trade was cut off when I exported my executions.
    I wish I was still long. I might buy more if MO pulls back some today.
  327. I wish I took some of your calls that I have been reading. I'd be wearing a big smile:p You are doing really well . Good for all of us that are reading and learning.
  328. I was about to short that damn stock yesterday but was sidetracked into a meeting! That was one expensive ass meeting I attended. Look at the daily chart on this one. This is a perfect example of a stock free falling then head fakes up one day. After that inital head fake you can generally expect a further decline to follow.
  329. You mentioned that csco was still an attractive swing, but that the +.8 in one day with you only up .2 wasn't as desirable.

    How does your chart look today? Long again is looking attractive.
  330. I do still like CSCO long for a swing trade.... I would buy half your position today then see what happens tomorrow. If CSCO dips again then I would pick up the other half. If the market closed down today tomorrow will be very significant. I don't think we're in a spiral fall but each day is swaying my opinion. If you can hold CSCO for a 2-3 weeks then I would not be as concerned with your entry point.

  331. Could always buy the May02 17.50 calls for CSCO and hold them for the 2 or 3 weeks.

    Investors dumped stocks following disappointing results from General Electric (GE) and Yahoo Inc. (YHOO). Initial jobless claims were worse than expected and bond prices rose.

    The Dow Jones Industrial Average plunged 206 points (2.0%) to 10,176, the S&P 500 index swooned 27 points (2.4%) to 1104, and the Nasdaq Composite tumbled 42 points (2.4%) to 1725. All ten of the S&P industry sectors fell, led by telecom and industrial shares. Losers outpaced gainers by about 2 to 1 on both the NYSE and the Nasdaq. 1.5 billion shares traded on the Big Board as 1.7 billion shares changed hands on the Nasdaq.


    10:14:38 AOL SHRT 2000 20.25
    10:17:29 CKP BOT 2000 18.50


    Short VOD 3000 17.16 +1.46
    Short AOL 2000 20.25 +0.54
    Long SBUX 2000 24.41 +0.48
    Short TLAB 3000 9.68 +0.50
    Long FWC 5000 2.75 +0.15
    Long CKP 2000 18.50 -0.60
    Long PALM 5000 4.01 -0.70
    Long .PQODY 20 1.60 -1.50

    CLOSED P&L: $0 OPEN P&L: $1,220
    TOTAL CLOSED P&L: $41,409

    * These figures are derived from my trading as of 3-6-02 when I began posting my trades on this board. (20 trading days with 6 trading days of vacation)
  333. I found it really cool that you did not make a big deal out of the heart-breaking short cover on IBM just before the gap down - It shows true professionalism. I need to take notes on that one :)

    Keep up the good work. I'm sure many of us find your posts beneficial.

    May the Trading Gods be with you forever :)

  334. Hey Tony, I appreciate the fact that you pointed out that play. j/k I still made about $7K in a week on that play.
  335. what does j/k mean?
  336. I had noticed that too, thinking at the time how it would have broken my heart to get out right before the big gap down. :( And I admired your professionalism and complete lack of whining. As Tony said, I need to take notes on that one!

    Thanks for your thread Seanote, I enjoy it alot.
  337. I get my heart broke at least once a week. I will whine, however.:)
  338. Just Kidding
  339. And that's all that matters! As I said a true professional. Keep up the good work.

  340. the only thing i could think of was.... j/k=jerk

    happy to hear otherwise.


  341. Great thread Seanote!

    I was wondering if you pull your stocks of a general market scan or whether you have a basket of stocks that you watch all the time and what type of thing is it that catches your attention?

  342. Stocks Shun Lackluster Retail Sales

    Despite a worse-than-expected retail sales report, stocks are looking to end the week on the right foot, climbing on news that the SEC said it had closed a preliminary investigation of IBM (IBM). Bonds are slightly lower in choppy trading in spite of the economic data and world markets are mixed.

    Shares of IBM have recaptured some of yesterday's losses in the pre-market session after the SEC said that it had opened and closed a preliminary inquiry into Big Blue without taking any action. IBM has recently been haunted by the possibility of accounting improprieties surrounding a reported $280 million gain on the sale of an operating unit in December of 2001.

    Mercury Interactive Corp. (MERQ) posted 1Q earnings excluding charges of $0.14 per share on revenues of $90.5 million, flying past the First Call Consensus estimate of $0.10 per share and $86.14 million, respectively. The test software manufacturer affirmed previous FY02 guidance of 5-15% growth in total revenue to $380-415 million, and earnings of $0.60-0.72 per share.

    Juniper Networks, Inc. (JNPR) offered a lackluster 1Q earnings report, saying that revenues fell 63% to $122.2 million, below First Call's $123.5 million consensus estimate. The networking company posted earnings excluding charges of nil per share, in line with the Street's average forecast, and said that pro forma 2Q earnings would be sequentially unchanged.
  343. Closed 3,000 VOD @ 15.89

    + 1.27 points
  344. Technology continued to weaken. Naz 100 becomes the first market average to fall below its Feb low. Next logical question is how much weakness remains in this sector? MSFT is a strong componet. MSFT has been a leader on the downside since breaking its Feb low over a week ago. Since the breakdown the stock has trended sideways and didn't make a new low yesterday. Watch MSFT to get a clue on the Naz.

    AAPL - Buy
    Support: $24.50
    Target: $27.50
    With the March higher low in place, AAPL is displaying a bullish agressive triangle pattern. Expect a breakout aroung the $25 resistance area.

    TLB - Short
    Stop: $36.00
    Target: $29.25
    Stock has broken below support. Expect continued downward movement and note the very high volume.
  345. Long 2,000 AAPL @ 24.83
  346. Short 2,000 TLB @ 31.57
  347. I think my TLAB short is about to gap down. I'm short at 9.68 looking to make about a point. Anyone short?
  348. Yes, only small amount at 9.51.

    I've been studying these shorts every day...learning alot.

    Still leary about targets, but technically, looks good to go.
  349. I'm placing a sell stop on TWC around 2.55
  350. FWC ....not TWC
  351. This has been a very interesting week in which I am fortunate enough to have made money. The type of positions I have carried overnight the last week and half show that you do not always have to judge which way the market is going a take all positions accordingly. You scalpers don't have to worry about this but as a swing trader it is very important to due your DD and stay disciplined in your trading. I have picked a few longs due to technical analysis and other indicators that have afforded me the luxury of not loosing much money in this down market. When the market bounces back, hopefully soon, I believe these positions will react more than favorably. When I post my targets, as you might have noticed by now, I don't always adhere to my targets prices. If I had limited BP I would hold the position to or very near my target price before I closed the position. I look at each profitable stock I'm open in and evaluate the potential return of that position and where it is currently trading versus another stock I have researched. If I'm on the plus side of the position and think I can make a more $$ in the new position I will close the profitable position before my target is reached. This practice has been very beneficial over the long run and will continue to trade with that principle. I will need to spend quite a bit of time this weekend to digest this week and try to understand why and what happened to cause this. This is a great time to go back over your charts and notes and compare indicie and stock chart patterns, your own trading patterns and be able to describe to yourself why you opened and closed positions each day over the last week. If you can't, then you shouldn't have traded. You should always have at least 3 reasons why you open a position. Closing is slightly different because taking a profit is the only reason you need. I still will have at least 2 reasons why I close a position, profit or not. Have a good weekend!


    10:19:26 TLB SHRT 2000 31.57
    10:12:39 AAPL BOT 2000 24.83
    09:52:40 VOD BOT 3000 15.89


    Long SBUX 2000 24.41 +0.71
    Short TLAB 3000 9.68 +0.30
    Long AAPL 2000 24.83 +0.16
    Short AOL 2000 20.25 +0.11
    Long FWC 5000 2.75 0.00
    Long PALM 5000 4.01 -0.27
    Short TLB 2000 31.57 -0.33
    Long CKP 2000 18.50 -0.85
    Long .PQODY 20 1.60 -1.55

    CLOSED P&L: $3,810 OPEN P&L: ($2,920)
    TOTAL CLOSED P&L: $45,219

    Techs Lead Stocks Higher

    Stock prices rose, but Blue Chips stumbled heading into the clubhouse and finished off the highs of the day. March retail sales and consumer sentiment were weaker than expected, while energy prices drove prices at the wholesale level higher.

    The Dow Jones Industrial Average gained 15 points (0.1%) to 10,191, the S&P 500 index rose 7 points (0.7%) to 1111, and the Nasdaq Composite was up 31 points (1.8%) to 1756. Software, airline and biotech shares paced the gainers while energy related shares led the losers. Volume on the Big Board was 1.3 billion shares as 1.5 billion shares changed hands on the Nasdaq. For the week, the DJIA lost 0.8%, the S&P 500 index fell 1.0% and the Nasdaq was 0.8% lower.
  352. seagate, appreciate the time you take to post your thread. interesting commentary, great trading, informative, i hope you will continue here.
  353. I'm about to begin futures trading part time in the next week or so and was curious what the pros and cons are of trading futures vs. stocks. I have a good friend that I've traded with for the last 2 years who just went out on his own and has traded solely NQ's and made 38% return in 2 weeks using our new automated execution system. We both are stock oriented but he swears that the stress level is much less trading futures than stocks and obviously the fills are lightning quick. I am very familiar with futures and their trading mechanics and would like to know what anyone else's take or experience has been with this comparison. Thanks in advance!
  354. The market continues to remain fragmented. The DJIA and S&P 500 are approaching support towards the lower end of trading ranges while the the small and mid cap continue to advance. There is a good chance however that the major averages will hold their trading ranges support levels. Merck (MRK) released some postive news which should help the DOW somewhat. Further weakness especially in the DOW below 10,100 would result in short breakdowns which would mean more trouble ahead.

    LTD - Buy
    Stop: $18.50
    Target: $24.00
    After a 2 month trading range LTD has borken out to new highs with support at 18.50.

    INTC - Short
    Stop: $29.50
    Target: $25.00 (Major Support)
    Stock has broken below minor support. Expect continued decline.
  355. Hi Seanote,

    Intel is in a very news environment right now, with earnings tomorrow and a $300M settlement against it in a lawsuit. Further, it is entering the historically low season for its business.

    How does such data figure into your thinking about INTC with respect to selling short, and how much does the technical analysis influence your analysis?

  356. My decision on the INTC short is based equally on fundamentals and TA. Generally with pending news of this nature information leaks early and insiders/majority owners get wind of the info before it is released to the AP. With a consistent sell off over the past 3-4 weeks signals a possible confirmation of the lawsuit plus index averages testing support. I have a few other indicators that I rely on and plan on going short at some point today.
  357. Short 2,000 INTC @ 28.45
  358. Stopped out at open on Long 5,000 FWC @ 2.32

    - .43 points
  359. Covered INTC short @ 27.92

    +. 52 points (intraday)

    I am looking to go short overnight on a run up later today...
  360. Stopped out of long 2,000 SBUX @ 25.25

    + .84 points
  361. Taxing Day

    Stocks finished lower, despite flirting with positive territory at the open and again at mid-day, pressured by blue chips as Citigroup (C) missed earnings estimates and fellow Dow component General Electric (GE) continues to be plagued by profit jitters.

    The Dow Jones Industrial Average lost 97 points (1.0%) to 10,094, the S&P 500 index shed 8 points (0.8%) to 1103, and the Nasdaq Composite was down 2 points (0.1%) to 1754. Airline and retail stocks led the decliners, while energy-related shares followed the price of crude higher after Venezuela's president was reinstated following a failed military coup, dashing hopes for an end to Venezuela's oil worker strike and a subsequent production increase. Volume on the Big Board was 1.1 billion shares as 1.3 billion shares changed hands on the Nasdaq.


    14:48:15 SBUX SLD 2000 25.25
    11:52:20 INTC BOT 2000 27.92
    11:10:09 INTC SHRT 2000 28.45
    09:31:59 FWC SLD 5000 2.32


    Short TLAB 3000 9.68 +0.17
    Long AAPL 2000 24.83 +0.09
    Short TLB 3000 31.57 -0.14
    Long PALM 5000 4.01 -0.41
    Long CKP 2000 18.50 -0.89
    Short PFE 2000 38.08 -0.92
    Short AOL 2000 20.25 -1.35
    Long .PQODY 20 1.60 -1.60

    CLOSED P&L: $590.00 OPEN P&L: ($10,580)
    TOTAL CLOSED P&L: $45,809

    I finally was able to export my PFE position from the
    account manager which I've held since last week.
  362. Are you talking about intraday trading? Is your friend as good of a swing trader as you are? Your ability to line up several factors to get the best odds in an entry has been very impressive. Not having those advantages makes trading a futures index more stressfull to me.

    I'm just getting started with the nq, and i have no idea about auto execution systems. Please let us know how it goes.
  363. I plan on limited intraday trading with the NQs and see how well my reads are. My friend is one of the best day-traders I've been around and I'm looking forward to joining him trade futures. He is definitely the daytrader and I'm the swing. We have opened a joint account and I'll see what happens. I'm still devoted to swing trading stock as I have been for the past 2.5 years. I will dabble in futures swing trading but am eager to learn intraday trading with the NQs and ESs soon to follow. From what I've read and observed over the past year, futures looks pretty damn enticing across the board from execution speed to stress to profitability.
  364. Seanote, VRTX caught my eye. What do you think as a potential long play?
  365. Excluding fundamentals, VRTX looks like a good long on a pull back around 30.00 - 30.50 with a stop around 29.00 - 29.25.
  366. Thanks Seanote, I'll keep an eye on it for now
  367. Short 2,000 INTC @ 29.37
  368. Yesterday's weakness in the DOW resulted in the breakdown of near term support of late Feb. The next few days will be vital in determining how dangerous this breakdown was. THE DOW CAN NOT AFFORD ANY MORE WEAKNESS! Otherwise the next lower support area is 9,800. The Naz is in a support area and appears to be testing Feb lows. If the Naz can hold these levels expect a rally to 1850 level.

    EBAY - Buy
    Stop: $50.25
    Target: $61
    Oversold status with imminent MACD crossover, must hold support at recent levels.

    QQQ - Buy
    Stop: $32.00
    Target: $36.75
    After selling off all of March, QQQs appear ready to bounce from these levels. Expect a pullback to support to create another buying opportunity.

    AMAT - Buy
    Stop: $50
    Target: $55

    JMP - Short
    Stop: $35.75
    Target: $30.50
  369. Have you thought of creating a new thread every month, and having a monthly p&l instead of a cummalative one?

    Great thread! Keep up the good work/
  370. I have received quite a few PMs about this lately and plan on starting a new thread beginning in May: Intraday/Swing - May

  371. Seanote, when are you going to spend some of this money...take the board to Las Vegas for a weekend getaway.....I'll buy the beer!!

    Your posts have been pretty straight forward, and your profits seem solid....is that "real job" still going to take you away from all of this....or are you planning on handing the reins to someone else to keep the money coming...??
  372. Forget the beer...........set me up with a marker at the Bellagio and I'm on my way tomorrow! I'll take care of everything else!

    This "real job" is still in the works but coming together very well. I have a trader friend that I have been with for almost 4 years that I will work with if and when this investment opportunity comes to fruition so I can still do what I love, but with less risk to my net worth. The opportunity to be involved with multiple successful businesses is something I can't pass up. As I said before, I will never completely leave the game but allocate some of my assets outside of the investment realm if my DD convinces me to do so. I plan on trading futures aggressively in the near future while maintaining my swing trades but not to the degree I have been over the last 3-4 years.

    I plan on going back to Vegas in May since my last trip was cut short.....
  373. IMO - I think now is a good time to short intraday..... observe your stops.
  374. Seanote
    Do you think that todays action is due to option expiration on Friday? A short squeeze with the news as an excuse?
    What would you short on a strong day like this? Because you are going against the trend.

  375. I really don't think todays action has to due with options expiring this early in the week. With GE, TXN and a few others exceeding earnings expectations which is fueling the market today will be short lived IMO with the combination on INTC reporting after close. Obviously I don't think INTC will meet or exceed analyst's expectations and future guidance could be negative. I very well might be wrong, but that is the position I have taken. Tomorrow am I will reevaluate my positions.
  376. Seanote,

    Are you still holding AAPL? I'm holding it also and I'm not sure if I want to go into earnings tomorrow with it. I noticed a lot of institutional selling today. Any opinions?


  377. I'm still long AAPL @ 24.83 and plan on holding it thru earnings unless news warrants a close. The next 3 days will be very sensitive and volatile with earnings and expiration approaching. I'm considering tightening my stops on a few positions.
  378. Sold 10 .PQODY @ .10

    - 1.50 points

    Still long 10.....
  379. Short 3,000 AMAT @ 54.25
  380. Covered 3,000 AMAT @ 54.03

    + .22 points
  381. Short 3,000 KLAC @ 68.24
  382. Very nice scalp trade ......

  383. now who was it that said you can't move decent size on the NAS??? :^)

    it's a pleasure to watch you work seanote.
  384. I second that !!!!!!!

  385. Closed 3,000 KLAC @ 68.12
    +.12 points
  386. Short 2,000 TXN @ 33.82
  387. Closed 2,000 TXN @ 33.75
    + .07 points
  388. Bought 15 .SJXQL @ 17.00

    (SOX 560 May puts)
  389. seanote, thought you said you couldn't daytrade? WTG. ;-)
  390. I might trade the post market today pending INTC report and news.... Obviously I'm betting on negative news and profit taking tomorrow!

    I have a decent sized hole in my Open P&L and thought I would try and chip away at it Daytrading today.... Today was a great example of a day when to trade. Not everyday is predictable as today which is why I try to steer clear of that stuff. Between DT'ing today and going long SOX puts overnight I think I need to get in 9 after INTC's report so I can think tonight and come up with a game plan for tomorrow.
  391. Market appears to be digesting news well. I am holding and will watch.
  392. Short 2,000 INTC @ 30.46

    Avg. Short 4,000 @ 29.91
  393. I will explain later why I doubled down....
  394. 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.


    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


    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
  395. 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
  396. Closed 2,000 AAPL @ 25.85

    + 1.02 points
  397. Closed 2,000 AOL @ 21.71

    - 1.46 points
  398. Covered 2,000 PFE @ 38.02

    + .06 points
  399. Great, check in when you're here. We havta hava chat about "futures" trading while you're here....:)
  400. 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.


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


    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
  401. Seanote,

    I was curious as to why you doubled down on INTC:confused:
  402. Sold 5 .SJXQL @ 19.00

    + 2 points

    Currently long 10 contracts

    P.S. I'm home sick so my posts will be minimal as I continue to drop 10 lbs by the hour..........
  403. Seanote
    I'm sure all your students watching this thread, wish you a speedy recovery...
    Feel better sir..:)

  404. INTC is "typically" not very volatile even with news/earnings. After Intel gapped up a dollar after hours, which put the stock up around $2.25 for the day, I felt that there was limited upside from that point. That's what I bet and I was wrong short-term. I still think I'll get back to or near even on these 4,000 shares today or tomorrow. I might close out today for a minimal loss depending on my indicators.
  405. Send that "illness" my way..... I could use about a hundred hours worth....

    Feel better.....:)
  406. Closed 2,000 INTC @ 30.28

    - .37 points

    Still short 2,000........
  407. Hi, Did you cover TLB? Feel better!
  408. My stop triggered Tuesday @ 32.33

    - .76 points

    I will start reviewing more closely my executions and open positions when I post. I'm having random issues exporting my trades and positions out of my account manager. It seems that one trade or execution won't export sometimes. I'm pretty sure I posted that trade on the boards however. Thanks.
  409. LMAO
  410. Closed final 2,000 INTC @ 29.80

    + .11 points

    16:40:11 INTC BOT 2000 29.80
    13:13:37 INTC BOT 2000 30.28


    Short TLAB 3000 9.73 +0.10
    Long .SJXQL 10 17.00 -0.10
    Long CKP 2000 18.50 -0.48
    Long PALM 5000 4.01 -0.51
    Long .PQODY 10 1.60 -1.60

    CLOSED P&L: $480.00 OPEN P&L: ($4,910)
    TOTAL CLOSED P&L: $45,189

    Hope to be more active tomorrow!
  412. It appears the market didn't like EBAY, MSFT and XLNX numbers, but the companies haven't had a chance to defend themselves yet in their conference calls. I might go long EBAY and MSFT after hours and see what shakes out.
  413. They are both close to support and EBAY is certainly at trendline support. What might tomorrow bring......:) :( :D :p :mad: :confused: :eek:

    They are certainly stretched given the closing prices
  414. Bought 2,000 EBAY @ 51.35 yesterday evening.
  415. Techs Reverse Course, Stocks Higher

    Despite an initial negative reaction after the bell last night to Microsoft's (MSFT) earnings release, Merrill Lynch's upgrade of the software bellwether is helping to lift stocks in pre-market activity. Elsewhere, Sun Microsystems (SUNW) and Compaq (CPQ) issued fairly upbeat profit reports. Treasury prices and world markets are mixed.

    Indicie supports are still holding which is good news. The plane crash yesterday caused the Dow and Naz to test supports once again but rebounded. If the Dow can hold it's opening gains this morning, this very well could cause a breakout from it's downward channel. By no means is that an indication of an uptrend beginning rather than a stoppage of bleeding as of late.

    Watch the Utility sector. It has broken out and positioned for significant upside.

    DUK - Buy
    Stop: $32.00
    Target: $43.50

    DOX - Short
    Stop: $25.00
    Target: $18.50
    Failed to break channel line on a continued down trend.
  416. Closed 2,000 EBAY @ 52.16

    + .81 points
  417. Short 2,000 MSFT @ 57.08 (intraday)
  418. Short 2,000 DOX @ 23.98
  419. Closed 2,000 MSFT @ 57.39

    - .31 points (delayed)

    12:17:45 MSFT BOT 2000 57.39
    10:28:26 DOX SHRT 2000 23.98
    10:11:21 MSFT SHRT 2000 57.08
    10:02:18 EBAY SLD 2000 52.16
    17:33:23 EBAY BOT 2000 51.35 (4/18/02)


    Long .SJXQL 10 17.00 +1.70
    Short TLAB 3000 9.71 +0.41
    Short DOX 2000 23.98 -0.18
    Long PALM 5000 4.01 -0.40
    Long CKP 2000 18.50 -1.05
    Long .PQODY 10 1.60 -1.60

    CLOSED P&L: $1,000 OPEN P&L: ($3,118.35)
    TOTAL CLOSED P&L: $46,189
  421. Blue Chips Rise

    Mixed corporate news led to mixed markets. Microsoft (MSFT,57,f1) fell short of earnings expectations, while Sun Microsystems (SUNW) reported better than expected results. Compaq (CPQ) and International Paper (IP,42) also beat the Street, while Treasuries finished slightly lower.

    The Dow Jones Industrial Average rose 52 points (0.5%) to 10,257, the S&P 500 index was up a fraction of a point (0.1%) to 1125, but the Nasdaq Composite slid 6 points (0.3%) to 1797. Basic materials and brokerage stocks paced the gainers while networking and telecommunications shares led the losers. Volume on the Big Board was 1.2 billion shares as 1.7 billion shares changed hands on the Nasdaq. For the week, the DJIA rose 0.7%, the S&P 500 index gained 1.3% and the Nasdaq was 2.3% higher.

    It has been somewhat difficult for me make much money over the last week and half. My first objective was to get my Open P&L down without closing positions at severe losses. I've been able to get the Open P&L down from roughly $15K to about $3K. With that accomplished am going to research and try to identify either a particular trend or sector that I think has untapped upside and try to steer away from the heard. I might not find one but I'm looking. I'm also going to start building my futures trading model and begin regression testing and see how this pans out and begin tweaking my "strategy". Hope everyone has a good weekend!
  422. when i noticed that at one point your open positions were down over 12K i assumed the goal might be to pare this down a bit.

    you skillfully (and with a little luck, i assume) did this.

    would you give us some insight in how you accomplished this feat? would help us if we could understand what were you looking for as you observed the price & market behaviour?

    thanks for the ongoing thread.
  423. I certainly needed a little luck amongst other initiatives to scale down that open P&L. The main reason I stayed in those overall losing positions is due to my TA and fundamental analysis when I opened those positions. This the biggest difference between day and swing trading. If those were daytrades I would have closed out at a significant loss and moved on. This sounds dumb, but there's a "peace of mind" I have when I open each position and I stand firm behind my trades. Now, I'm not suicidal either. If I make a call and it turns against me big time, I will swallow my pride and bail. I now have the luxury of using looser stops compared to my first years as a trader which has given me leverage in the long run. Of all my trades executed since I have started posting on this board, my recent INTC short play was the most speculative. I will trade off earnings every now and then if I think I have that edge.
    I also found a few opportunities intraday to trade that helped me knock the open p&l down a tad. I wasn't looking to trade just because, however there were a few isolated opportunities I recognized and played them.
    Finally, I scaled out partially of a couple positions at a loss that were exposing me to heavily on the short side of the market. I wasn't quite sure short term which way the market was heading so I wanted to balance my positions more evenly, then let the market tip it's hand and trade accordingly.

    Hope I answered your question.
  424. Terrible Telecom

    The telecom sector continues to struggle. Lucent Technologies' (LU) lackluster earnings report and WorldCom Group's (WCOM) reduced guidance and cap ex plans are pressuring stocks in pre-market activity, although 3M Co.'s (MMM) better-than-expected earnings release is buffering some of the weakness. Treasuries are slightly lower, and world markets are mixed, with European bourses dragged down by Ericsson's (ERICY) dismal outlook.

    Shares of Lucent Technologies are lower in the pre-market session after the company posted a 2Q loss before items of $0.20 per share on revenue of $3.52 billion, worse than First Call's $0.17 per share and $3.57 billion consensus estimates, respectively. Lucent said it will spin off its remaining stake in Agere Systems (AGRA) in June and hinted at more restructuring efforts, including 6,000 more job cuts, in an attempt to return to profitability by fiscal 2003.

    On Friday after the bell, WorldCom Inc. reduced 2002 guidance, saying that it now expects its telephone and data services unit, WorldCom Group, to post EBIDTA of $7.0-7.5 billion and revenue of $21-21.5 billion, below its previous respective $8.4-8.5 billion and $22.2-22.6 billion forecasts. The company also cut its 2002 cap ex plans to $4.5 billion from its prior $5.0-5.5 billion estimate.

    Citing successful cost-cutting efforts, diversified manufacturer and Dow component 3M Co. said 1Q profits excluding items rose to $1.23 per share, surpassing the Street's mean $1.19 per share estimate. Going forward, 3M said it expects FY02 profits between $4.85 and $5.10 per share, generally in line with the Street's $4.80-5.15 per share estimate.
  425. Bought 5,000 WCOM @ 3.91 (pre-mkt)

    - Speculative play, looking for pop today
  426. Expect a continued morning selloff due to International uncertainties. Crude oil is a great measure of this uncertaintity since it directly correlates with the Middle East and South American trouble areas. Oil service stocks track closely with crude (OSX) which is now challenging highs. Take a look at a 30 minute candle chart on OSX to look for breakout signals and watch if it remains in the current trading range.


    SANM - Buy
    Stop: $10.50
    Target: $13.75

    ORCL - Buy
    Stop: $11.00 area (Use tight stops on this one)
    Target: $13.50
    MACD divergence has confirmed oversold pattern.

    IMPH - Short
    Stop: $30.00
    Target: $15.00 (Long term)
  427. Long 10 .PQODY expired worthless.

    - 1.60 points

    I will factor this loss into today's CLOSED P&L.
  428. Sold 2,500 WCOM @ 4.20

    + .29 points

    Still long 2,500
  429. Sold 2,500 WCOM @ 4.39

    + .48 points

  430. Picked up a bunch at $17.35

    Bio's been sold off hard the past couple of days. Looking to unload in the next few days between 18 and 19.

    Any thoughts on a bio spike in the coming days?
  431. IMO-

    I would be very careful with that or any Bio stock right now. BBH is setting new lows on a 4 month chart. HGSI technically looks like a pretty good long. Tight stop @ 16.25 with a target in the $21 area looking forward. If the market begins to turn around short term over the next couple days you should be able to get 1.5 - 2 points.
  432. What broker do you use?

    10:45:16 WCOM SLD 2500 4.39
    10:36:50 WCOM SLD 2500 4.20
    09:13:32 WCOM BOT 5000 3.91

    * LONG 10 .PQODY @ 1.60 - EXPIRED WORTHLESS - ($1,600)


    LONG .SJXQL 10 17.00 +4.00
    SHORT DOX 2000 23.98 +0.88
    SHORT TLAB 3000 9.68 +0.75
    LONG PALM 5000 4.01 -0.50
    LONG CKP 2000 18.50 -1.63

    CLOSED P&L: $325.00 OPEN P&L: $2,230
    TOTAL CLOSED P&L: $46,514
  434. Yesterday's decline broght the QQQs back to Feb-Apr double bottom. Not sure if it would hold since investor sentiment is neutral. Look at MDY (90 daily candle chart), it shows a strong uptrend from the Feb lows and has currently pulled back which may signal a good buying opportunity.

    MRK - Short
    Stop: $57.40
    Target: $43.00 (long term)
    Rallied to resistence and has begun retracement.
  435. Short 2,000 MRK @ 56.38
  436. Watch MRK...fighting the DOW.
  437. Closed 2 .SJXQL @ 25.00

    + 8.00 points

    Still long 8 contracts
  438. What is sjxql ? Nice trade whatever it is.
  439. .SJXQL is an option contract - SOX May 560 Put

  440. Warnings Derail Stocks

    Earnings reports were mixed, but a plethora of revenue and/or profit warnings pressured stocks. Verizon (VZ), Earthlink (ELNK), EDS (EDS), and Corning (GLW) all warned, while Treasuries were little changed.

    The Dow Jones Industrial Average fell 47 points (0.5%) to 10,089, the S&P 500 index shed 7 points (0.6%) to 1101, and the Nasdaq Composite was down 28 points (1.6%) to 1730. Semiconductor and software stocks paced the losers while oil service and telecommunications shares stood out among the gainers. Volume on the Big Board was 1.3 billion shares as 1.9 billion shares changed hands on the Nasdaq.


    12:09:49 .SJXQL SLD 2 25.00
    11:40:34 MRK SHRT 2000 56.38


    LONG .SJXQL 8 17.00 +10.60
    SHORT DOX 2000 23.98 +1.50
    SHORT MRK 2000 56.38 +0.93
    SHORT TLAB 3000 9.68 +0.92
    LONG PALM 5000 4.01 -0.70
    LONG CKP 2000 18.50 -1.50

    CLOSED P&L: $1,600 OPEN P&L: $11,180
    TOTAL CLOSED P&L: $48,114
  441. Quick question:
    Is your total closed P & L of $48k MTD or YTD?

  442. Seanote,

    Can you explain your mrk trade?
  443. My closed P&L of $48K begins from 3-07-02 since I began posting on this board. I have a closed P&L of $154K YTD. I will start a new monthly thread on May 1st and update MTD and YTD so it's easier to follow.
  444. MRK has tested it's April resistance in the $57.25 area and is now retracing. Also, note that the April resistance line is March's support line which is another signal that MRK won't break the $57.25 area.
  445. I was looking to short it myself yesterday as it showed up on the Sky Scraper Scan. http://www.tonyoz.com/sky.htm

    The setup was great.

    1. Gap filled.
    2. Running into resistance in the bear flag area set on 3/26-4/3

    The main reason I did not take the short was that the 20 day MA at 55.75 was too close to entry price of 56.60 or so. I personally like the setups better when the stock turns at the 50 day MA and use the 20 Day MA as my conservative price target.

    Although by using my calculator to figure out price targets I could have easily entered a short trade on MRK and not violate my Risk/Reward ratio (as seen by the attachment), I chose not to do so.

    An entry at 56.60 and stop at 57.05 (0.06 above day's high) would result a risk of 0.45. The most conservative price target at 54.99 would have been good for 1.61 reward. If my math is correct, it is better than 3 to 1 :)


    PS: This is not criticism of Seanote's trade. I just wanted to show that the setup was good, but I can be too picky at times :)
  446. Say, Tony,where did you get that calculator?
  447. www.tonyoz.com
  448. Tony, that is the "bull market" target and as far as I can tell neither the general indices nor MRK are in a bull market right now. Just curious why you chose that as your target rather than the "bear market" target.

    Also the BB were pretty squeezed together on the MRK trade...I guess what I'm trying to say is that I think I would have taken it.:)
  449. Babak,

    I said [even] "The most conservative price target at 54.99 would have been good for 1.61 reward"

    I was referring to the highest price target the calculator showed :)

    I use the sideways market right now for my price targets.

  450. I didn't see this part of your message.

    I would have liked the potential "top" to be closer to the upper BB and 50-day MA.

    I wouldn't have thought about it twice if the Sky Scraper setup was in between the two horizontal lines.

    As I said I'm too picky :)

  451. Hey Tony - Would you mind giving me a couple set ups you're looking at for the morning so I can check the charts and figure out which indicators you monitor.

  452. I don't look at any setups overnight.

    Everything I do comes from Real-Time intraday scans. I go into the day without an opinion, and I trade what comes up on my scanner if I like it :)

    Today, I traded CECO and AMMB off the Power Trader and New Kid on the Block Scans.
  453. The QQQ's penetrated support and broke yesterday. Selloff still expected due to neutral investor sentiment. Dow, Naz and S&P are all testing last weeks lows. Durable Goods report was weak which will fuel a lack luster attempt of a rally today.

    DIS - Buy
    Stop: $24.5
    Target: $28.75
    After a recent breakout, DIS is holding support and is gearing up to move higher.
  454. Bought 2,000 DIS @ 24.86
  455. Stopped out and covered 2,000 DOX @ 23.15

    + .83 points

    DOX had 3 downgrades this morning then rallys 1.5 points intraday. Go figure!
  456. Did anyone go long $SOX puts a few days ago? This sector is crashing and won't stop. I might close out my position near the close.
  457. I sent out an order to close my $SOX puts @ 38.50 five minutes before the market closed and haven't received any confirm yet. I'm on the phone with my broker statusing this trade......
  458. My broker is still on the phone with the Philly exchange. The Philly told him they lost their line with the firm I'm trading with and they will have to contact the specialist. It's more like MY B/D lost their connection with the Philly.... I do not want to carry this position overnight. Too much profit to risk!

    I haven't run into this type of issue with options near or at close, only equities. They have until 4:02 pm to execute the option trade anyway...the connection should have been restored by then. Does anyone have any experiences like this one so I have an idea of what to expect?

  459. I have a bid of 38.50 with 0 volume
  460. i mean 38.30 bid
  461. Started to short TXN from $32.55 to $33.12. in the face of CIBC's upgrade. 800 shares total.

    closed my short at the close. +.55
  462. When I placed my offer the bid was greater than 38.50. I wanted out before close and didn't care about small slippage. They still bent me over! Each bid and offer is firm for 10 contracts and I wanted to close 8. My firm should honor this trade and put the trade in their error account and deal with PHLX themselves. I know they dropped their connection with the exchange..... The broker is calling me back in a few minutes when he hears back from PHLX. ????
  463. you'll probably get screwed......everyone blames the other person and your left holding the bag. Maybe we gap down in the morning and you cover at a better price.

    good luck
  464. I know these firms inside and out and you're probably right about that. I do know and have seen firms book an execution for a client after market close and settle with the exchange outside of the clients account the following day. Still no call.........

  465. They gave me a bunch of BS why this order didn't fill, like I don't understand market mechanics and how orders route! I did get them to drop my commission down $2.00 per trade for 30 days. They know they screwed up and are offering this as a "customer gesture" I assume. Better than nothing....Hope semi's gap down tomorrow.
  466. Late Sell-off Hits Stocks

    Concerns that the mild economic recovery won't spark a major rebound in corporate earnings weighed on stocks despite some better than expected results from companies such as Amazon.com (AMZN) and Qualcomm Inc. (QCOM). March durable goods orders were weaker than expected and the Fed's Beige Book pointed to slow economic growth.

    The Dow Jones Industrial Average fell 59 points (0.6%) to 10,030, the S&P 500 index dropped 8 points (0.7%) to 1093, and the Nasdaq composite fell 17 points (1.0%) to 1713. Brokerage, semiconductor and software shares led the decline while airline and telecom stocks stood out among the gainers. Volume on the Big Board was 1.4 billion shares as 1.9 billion shares changed hands on the Nasdaq.


    12:25:43 DOX BOT 2000 23.15
    10:47:20 DIS BOT 2000 24.86


    Short .SJXQL 8 17.00 +21.30
    Short MRK 2000 56.38 +1.53
    Short TLAB 3000 9.68 +1.08
    Long DIS 2000 24.86 -0.31
    Long PALM 5000 4.01 -0.66
    Long CKP 2000 18.50 -1.73

    CLOSED P&L: $1,660 OPEN P&L: $15,960
    TOTAL CLOSED P&L: $49,776
  467. CORRECTION: I am not short .SJXQL, I'm long.
  468. Anyone with TA skills- can they tell us where this one is heading.
  469. Down, that's some vol for a knee high to a snake in the grass stock. Don't think I've ever seen one that cheap do 121 mm like this one a few days ago, guess the naz didn't either by the looks of the halt.
  470. Point and Figure charts don't work too well for penny stocks IMO.
    Although as the chart clearly shows the down trend has been broken.
  471. The trend lines are not drawn correctly, but that still won't matter. This stock is to volatile and cheap to chart with any significance. A few investors/MMs can make this stock move any way they want. I definitely would not use TA on these type of stocks. IMO
  472. Actually, here is a P & F chart with correct downtrend line drawn and it hasn't been broken.
  473. Expect weakness to continue today. All major indicies hit lows for Apr. while the SOX dragging down the Naz.

    Support Dow: 10,000
    Naz: 1,700
    S&P: 1,075

    MER - Short
    Stop: $49.75
    Target: $43.00
    After failing to make news highs MER appears to begin penetratig below the old support level.
  474. Nice, you caught a break not getting executed yesterday! Thats a few more grand in your pocket. Good for you!!
  475. I'm going to hold these SOX puts for a while longer since we just broke support on the DOW and Naz. I might close a couple contracts later today.

  476. CORRECTION: Target on MER is $41.00
  477. Where do you see the next support on the DOW? Seems quite a way down, on PnF chart I have 9925 where we are sitting now!
  478. Stopped out @ open on 2,000 CKP @ 16.32

    - 2.18 points
  479. DOW: New support @ 9,925
    2nd support @ 9,700 area
  480. Covered 2,000 MRK @ 55.38

    + 1.00 points
  481. Covered 3,000 TLAB @ 8.73

    + .95 points

    I've covered 2 shorts today due to profit taking only, not because I think the market is going to rally anytime soon. I wanted to clean up some positions and focus on new positions.
  482. Sold 1 .SJXQL @ 37.50

    + 20.50 points

    Still long 7 contracts
  483. That MER short ran away from me quick. I was looking for a bounce to take my short but it never happened. Anyone else short MER?
  484. Bought 5,000 PALM @ 3.26

    Total Position: Long 10,000 @ 3.63

    This is a longer term play and will hold for a couple months if I need to. I still like this company and think it will hit mid 4's in a month or so.
  485. Stocks Rangebound

    Stocks shook off accounting concerns surrounding Dynegy Inc. (DYN) and Network Associates (NET), as well as Tyco's (TYC) retraction of its breakup plan, to finish mixed after whipsawing traders for most of the day. Treasuries failed to gain support from a worse-than-expected decline in existing home sales, while initial jobless claims basically matched expectations.

    The Dow Jones Industrial Average climbed 5 points to 10,035, the S&P 500 index shed 2 points (0.2%) to 1091, and the Nasdaq composite rose slightly to 1714. Energy-related and networking stocks led the advancers while biotech and brokerage shares paced the decliners. Volume on the Big Board was 1.5 billion shares as 2.0 billion shares changed hands on the Nasdaq.


    13:27:33 PALM BOT 5000 3.26
    10:28:25 .SJXQL SLD 1 38.50
    10:18:39 TLAB BOT 3000 8.73
    10:13:27 MRK BOT 2000 55.38
    09:47:53 CKP SLD 2000 16.32


    LONG .SJXQL 8 17.00 +18.40
    LONG DIS 2000 24.86 -0.01
    LONG PALM 10000 3.63 -0.34

    CLOSED P&L: $490.00 OPEN P&L: $11,650
    TOTAL CLOSED P&L: $50,266

    I'm in a golf tourney all day tomorrow so everyone have a good weekend and I will see ya next week!
  486. seanote. nice work.
  487. Still can't believe you're going to take a "job" - ?? Good work!!

  488. This won't be a "job".... just an investment as a silent partner. I still plan on trading but might tone my exposure down a bit unless I'm successful trading futures, then I might trade more than I do now.
  489. Why would you get into trading futures? Are you going to the trading floor to get an "edge"? The stats are pretty bad on futures trading off-floor (and not great "on floor" either).

    (I know that some readers think I'm just trying to promote equities trading, but we offer futures trading, and it has just be dismal...even with "ex floor" traders). You seem to be doing pretty well (according to your posts), and I just don't see you switching to a less likely trading strategy. Again, just curious.

  490. I have been paper trading futures using certain technical indicators for 5 weeks and have done very well. When I decide to go live I'm not going to jump in with a ton of contracts. I plan on trading 5 or so for a while and look at my % return and go from there.
  491. The S&P met the Feb low. If you're looking for a breakdown remember the market has refused to trend for the last 5 months. A sign of recovery would be a move thru 1,087 which is a double top resistance formed on Friday. Expect to maintain a rally this morning, but the big test will be wether or not the rally can be sustained in the afternoon.

    YHOO - Buy
    Stop: $ 14
    Target: $17.75
    Appears ready to bounce from oversold condition. MACD is close to crossover point. Use tight stops.

    VZ - Short
    Stop: $42.50
    Target: $34
    A rally back from new low offers oppourtunity to short into continued downtrend.
  492. Short 2,000 VZ @ 40.23
  493. Long 2,000 YHOO @ 14.32
  494. I know of couple of us took VZ short this morning...anyone covered yet?
  495. Yea. Thanks for the heads up Seanote, unfortunately I closed too early at 39.30 but it was a great turn. Thanks
  496. I covered 1/2 at 38.85
  497. Capitalization Vs. Investigation

    Stocks started the day in the green, but reversed course and headed lower following rising fears about the ability of Tyco International (TYC) and Worldcom Group (WCOM) to meet their debt obligations. Qwest Communications (Q is being investigated for secret agreements with competitors and Treasury prices were lower.

    The Dow Jones Industrial Average fell 91 points (0.9%) to 9820, the S&P 500 index was down 11 points (1.0%) to 1065 and the Nasdaq Composite slid 7 points (0.4%) to 1657. Telecom, chemical and biotech shares led the decline while PC and semiconductor stocks stood out among the gainers. Volume on the Big Board 1.3 billion shares as 1.8 billion shares changed hands on the Nasdaq.


    12:20:12 YHOO BOT 2000 14.32
    10:20:15 VZ SHRT 2000 40.23


    LONG .SJXQL 8 17.00 +32.70
    SHORT VZ 2000 40.23 +0.91
    LONG YHOO 2000 14.32 -0.08
    LONG PALM 10000 3.63 -0.58
    LONG DIS 2000 24.86 -1.97

    CLOSED P&L: $0 OPEN P&L: $18,080
    TOTAL CLOSED P&L: $50,266

    YTD CLOSED P&L: $156,582

    I will start tracking MTD and YTD P&L beginning May 1st.
  498. FYI: Weak stocks DO NOT turnaround! I have seen too many traders outside of this board continue to play the WCOMs of the market and are baffled by this market?????? I'm sure no one on this board has traded WCOM overnight....... Anyway, there are still many long candidates out there, however the short term side we are currently in can be a tough education for some. It appears that the next DOW support level is 9,600. CSCO, SUNW and BRCM have more or less withstood this decline so watch for breakouts.

    These are not recommendations:

    AMGN - Short
    Stop: $54.25
    Target: $47.50
    Broken down and heading for long-term support of $50

    JBL - Short
    Stop: $21
    Target: $18.50
    Previous rally in March has died which has presented a breakdown.
  499. Short 2,000 AMGN @ 51.39
  500. Long 5 .SJXEH (SOX May 540 Calls) @ 18.80

    Created a delayed long straddle. My thinking is the SOX will hold this bounce short term then test 500 soon. I don't want to close my long puts yet. I plan on dumping the calls soon and holding the puts unless my thinking is wrong.
  501. Seanote,

    You make an important point re broken stocks. If there is one piece of advice that will save a newbie investor/swing player money, that is it. You can bet heavily promoted stocks like WCOM have many institutional holders who are stuck and will dump into any rally.
  502. Obviously this trade isn't an exact long straddle due to different strike prices, but I have calculated my risk/reward points and want to see how this strategy pans out.
  503. Sold 1 .SJXQL @ 44.50

    + 27.50 points

    Long 7 contracts

    15:58:36 .SJXQL SLD 1 44.5
    10:14:39 .SJXEH BOT 5 18.8
    09:52:44 AMGN SHRT 2000 51.39


    LONG .SJXQL 7 17.00 +25.40
    LONG YHOO 2000 14.32 +0.44
    SHORT VZ 2000 40.23 +0.12
    LONG PALM 5000 3.63 -0.47
    SHORT AMGN 2000 51.39 -1.45
    LONG DIS 2000 24.86 -1.86
    LONG .SJXEH 5 18.80 -3.40

    CLOSED P&L: $2,750 OPEN P&L: $8,310
    TOTAL CLOSED P&L: $53,016 (since 3-6-02)
    YTD: $159,332
  505. CORRECTION: Long 10,000 PALM @ 3.63
  506. IMO- This decline has yet to reach deep oversold conditions so I'm treating yesterday's rally with suspicion. The big indices tested short term resistance but backed off towards the afternoon. Yesterday was the dead cat bounce that I mentioned so I'm still looking predominantly short. Other than PALM, I have tight stops on my long positions.

    HD - Short
    CREE - Short
  507. Sold 2 .SJXQL @ 51.00

    + 34.00 points
  508. Sold 5 .SJXEH @ 11.50

    - 7.30 points

    Flat on SOX CALLS

    Still long 5 puts
  509. This thead is getting pretty long. Maybe it would be a good idea to start a new thread: MAY Intraday/Swing Plays.

    Just an idea.
  510. I just realized today is May 1st which is when I planned on starting the new thread. I'm going to name it "Trading Journal - May"

  511. you sound offly familiar to another member,
    anyways, glad to see someone else has the gumption to post their exposure and results.

    you probably hold positions instead of squaring at/before EOD. would you find if more beneficial to trade within the day (not to be confused with daytrading) and paying no ticket charge, only $.01 per share or less?

    oh, that's not an offer, just an inquiry
  512. I'm still the same member as before.

    As I mentioned in a few posts from way back, I am swing trader the majority of the time unless a particluar intraday market condition warrants daytrading, then I will trade both styles. I'd say about 5% of my trades are daytrades:)
  513. Seanote
    Have you moved to another thread??? If so how do I get there?


  514. Yes... New thread is "Trading Journal - May" I will start a new thread each month and update my MTD and YTD on each. Thanks.
  515. The idea of this thread is good.