Wednesday, August 13, 2008

8/13 Day/Swingtrades

So much for complaining about the market environment yesterday. Had I been more liberal with my stops in SKF, MOS and POT instead of nickel and diming the profits, I would have been sitting on some very nice paper gains this morning. Instead, I spent the first hour of the day kicking myself for selling those positions and the rest of the day making back most of those paper gains. Aside from the trades below, I bought puts in AMED @ 50.00 and SHLD @ 88.00 but closed them out flat when the market started rebounding. I also bought some DRYS Aug 75 Calls in case there is follow-through tomorrow.

X - After watching the Ags take off the AM, I was determined not to make the mistake of taking profits too soon. I held onto the Aug 110's and when X stalled at 135, I booked the gains and doubled up my position with Aug 130's.
Bought @ 130.30, Aug 110 Calls
Sold @ 135.04
Profit - $4.70 on Calls
Re-entered and doubled-up @ 135.50, Aug 130 Calls
Sold 1/2 position @ 138.10
Profit - $2.00 on Calls


OIH - I couldn't decide which energy stock to buy so I went with OIH.
Bought @ 183.14 - Aug 185 Call
Sold 1/2 @ 185.88
Profit - $0.98 on Calls



POT - Too bad I sold the calls yesterday at $164.00. Today, I waited for the oil inventory report to re-enter. I closed out the position when it had trouble breaking 179.00 on volume. It is sitting right at the daily 10-SMA (see daily below) which may act as resistance. I'm going to wait for volume to re-enter.
Bought @ 173.76, Aug 150 Calls
Sold @ 179.00
Profit - 5.00 on Calls





GG - I pyramid at 32.51 and sold half when the stock retraced to 33.00. I'm going to trail the remainder using the 15-SMA on the 30-min chart or until Friday afternoon.
Bought @ 30.90, Aug 30 Calls, Pyramid @ 32.51
Sold 1/2 @ 32.99
Profit - $1.55 on Calls



LDK - I closed this position when there was no follow-through at the open. It is setting up a very nice low-risk narrow range. I'll re-enter with Aug 35 Calls if it breaks out of this range on higher volume. Keep it on the radar.


5 comments:

Anonymous said...

Dang Homie ... you are rocking it these days ... killer gains in such a difficult market.

Way to go and keep 'em coming ;-)

J

Anonymous said...

by the way ... what is your email? I'd like to add you in my traders list ;-)

J

Darwin said...

OE, just bought a load of UAUA 12.5's puts as well as DAL 7.5 puts- SEPT.....Looked at the airline index last night and appears to be forming a distribution dome...Oil is probably due for a bounce and with 300%+ gains since 7/15 for some of these airlines, I think we get a healthy pull back. FYI, I do have some CALM calls for the finish line tomorrow, still don't have the volume.

OE Trader said...

Thanks, J. They're decent gains but I'd prefer a trending market over these choppy days.

D, good luck with those puts. Oil does seem to be firming up. I picked up come CALM calls but dumped when they penetrated the 20-SMA on the 30-min chart. The low volume makes it prone to siginificant intraday swings. It appears like the shorts are using any dip to cover, though.

OE Trader said...

Thanks, J. They're decent gains but I'd prefer a trending market over these choppy days.

D, good luck with those puts. Oil does seem to be firming up. I picked up come CALM calls but dumped when they penetrated the 20-SMA on the 30-min chart. The low volume makes it prone to siginificant intraday swings. It appears like the shorts are using any dip to cover, though.