Per yesterday's post, I had way too many positions. I normally like to hold 3-5 concentrated positions for swingtrades. Looking at the charts last night, I was reminded that the market had 2 monster days and needed a breather. There was too much risk in establishing long positions as most stocks had already made their move. In any case, I spent the morning flushing out the weak positions. SHLD and NIHD were yesterday's losers but today's winners. Maybe I should have waited another day...hahaha!
I'm holding the following:
WM - Nice move on news that Toscafund disclosed a 6% stake. Now, if they would just acquire the other 94% at $10+, I'll be happy. Darwin, you still with me on this one?! I've got some decent paper gains here. One more thrust or break-down and I'll be tempted to take some profits. Moving stop to $4.40 on half and $4.90 on the other half.
WB - Moving stop to 16.90. This one held up pretty well today.
PTR - Moving stop to $133.00
SINA - I re-entered as it has been establishing a decent base at $45.00.
Bought @ 45.58, Aug 35 Calls
Stop @ 49.90
I sold these:
BG
Bought @ 101.05 Aug 95 Calls
Stop @ 98.90, moved up to $99.40
Sold @ 99.40
Loss - $1.50 on Calls
FMCN
Bought @ 29.67, Aug 30 Calls
Stop @ 28.40, moved to 28.30
Sold @ 28.30
Loss - $0.30 on Calls
OLN
Bought @ 30.09, Aug 25 Calls
Stop @ 29.40, moved to 30.00
Sold @ 30.00
Loss - $0.20 on Calls
MOS
Bought @ 131.50, Aug 110 Calls
Stop @ 127.90, trailed the stop to $130.90 as stock closed opening gap
Sold @ 130.90
Loss - $0.70 on Calls
SQM - this one moved nicely in the AM but it was very short-lived.
Bought @ 41.00, Aug 30 Calls
Stop @ 39.90, moved to 41.00
Sold @ 41.00
Loss - $0.20
LEH
Bought @ 18.35, Aug 17.5 Calls
Stop @ 16.90, moved to $17.30
Sold @ 17.30
Loss - $0.50 on Calls
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9 comments:
Now u know why I bought FXP yesterday? This market is just too choppy. chop chop choppy! Very difficult to paddle out. U still bullish on China? and why or why not? I want to get long China, if my Chinese stocks start behaving. Thanx! -gio
Nice work, Gio. I'm only still bullish on China if the stocks start behaving. The charts look good and aside from SOHU, most look like they're ready to break-out. That said, I'm just dipping my toes in at this point. With all the chop lately, I may hold off on any swings until the waters settle down.
Still with you OE! Now we need to catch a few upgrades on WAMU which I think we get from analysts trying to jump in this "newsworthy" stock. If we can hit the 6 mark, it should set off another (larger) cover. Oh, and growing takeover rumors might keep the tide going with us.Tell me what you think of INTU as an opex play-July 27.5's. Looks like it wants to break free from MA res.
D, breaking 6 with a few upgrades would be sweet. I'll just manage the stops at this point to make sure I don't get caught on a break-down. Regarding INTU, it appears to be in "no man's land". I'd buy it above 28.5 or sell it below 26.5. On the daily, the RSI and MACD appear range-bound but the OBV is declining. If you're intent on going long, wait for a low-risk entry around 26.5 and buy the Aug 25's. If it does break-out, you'll get more intrinsic value from the options and can roll them to the Aug 27.5's above 28.
OE, thx for the input on INTU. Almost forget, I did by several hundred of the PFE (boring) Sep 20's. Had a breakaway gap last week and consolidating here for (I believe) a move through 20. This used to be in everyone's (widows)account years past and hasn't had any interest in many moons. Sector is getting hot and this one is the sleeper imo.
PFE...wow. That is definitely "old school" and boring. I actually was trading it when it made its move from 25 to 27 a couple years back. It does look to be headed back up to 20. Did you consider a bull spread by buying the 17.5's and selling the 20's?
OE, r u watching the trading in WM? Appears mm's are accummalating to take this higher...we'll see. Did u pu the EXM Jul 35's? Thx again for the PFE input. Took on the BS this morning based on ur advice. I think we rally into the close...
Hey Darwin, I sold some WM Aug 4's and rolled them into the 5's to protect profits. WM is holding up very well today. I haven't picked up any of the shippers and won't do so until the baltic dry index turns back up. Good luck with those PFE calls!
Nice, thx
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