Trading Journal - June

Short 3K IBM @ 72.70

 

Covered 3K QLGC @ 38.69

+ .66 points

 

You did well to hold the QLGC short. The early strength off the open must have been a little disconcerting.

 

Today: Expect a midday rally to resistance. Quarter-ending window dressing is coming to a close, so the ability of the major averages to close above Monday's highs will be particularly significant.

AMGN - Buy

Reasoning: coming from the depths of oversold conditions, the biotechs are ready to bounce from current levels, expect a retrace back to support

Stop: $38.75
Target: $44.50.

* Wait for a pull back after todays $1 move to the upside

 

I still feel the market will drop at some point today. It's hard to figure out if mutual funds will be window-dressing or not after the tumultuous week we've already had.

 

Short 1,700 TTWO @ 20.55 (swing)

 

Short 600 TTWO @ 20.50 (swing)

Total Position: Short 2,300 TTWO @ 20.54

 

Short 2K CRUS @ 7.35 (swing)

 

Short 500 CRUS @ 7.42

Total: Short 2500 CRUS @ 7.36

 

Short 500 CRUS @ 7.41

Total: Short 3000 CRUS @ 7.37 (swing)