Sitting in full cash now... not the best day for me.. but still managed to make around $500 on my short plays. I am still trading very light.. because of whacky market. Market can not make up its mind .. and the path of least resistance is clearly down. --MIKE
Long another 300 AW @ 7.84.. brings my total to 800 shares. Stock is breaking out on good earnings report.. slicing through the 50ma on strong volume.
I like the JOE short a lot. I get the feeling best be on the short side now of most trades. I had been sitting on my hands most of the month because Iâm not much of a short side trader. I like to go in and out of positions a lot so long trading is more suitable for that. I joined you on this one for the simple fact that the daily chart looks to pretty not to enter.
It was a bad idea. It looked to have a bottom at 44.50 last few times it got there. It cost me 2 hours of my day to earn that mistake back.
I mean the stock can still go up to the 50's... if you wait out the correction and are an intermediate term swing trader... but i am short term and it didnt fit my type of setup at all.
No I got out of it and earned the money back on X. The JOE 4/18 dayâs highs would not be bad. There is a seller who keeps coming in at the 70 area. The risk/reward looks nice. I plan to give it a few days if it can stay under 70. I also plan to work on my short game now without loading up on a few 1000 shares at a time for a quick buck. I feel that will be a more profitable game in a bear market.
Depending on how the market acts in the morning.. I will buy another 200 CREE above yesterdays high of $24. CREE had really good earnings and bucked much of the selloff the past few weeks.. I think this is a stock that is being held down by the broader market. In the next few days/weeks if the nasdaq stays firm cree should test the $26 level. --MIKE