Wednesday, August 6, 2008

8/6 Swingtrades

Per last night's post, I hope some of you were able to catch some of that bounce in the energy/commodity stocks. I stuck with POT because I held it from last night.

UAUA - I set the stop too tight and got stopped out in the AM. I'm going to stay away from this sector for now. Holding this position messed with my head due to its inverse correlation to the price of oil. As I was rooting for energy/commodities to rebound, this one was flashing red on my streamer.
Bought @ 9.70, Aug 7.5 Calls
Stop @ 9.55
Sold @ 9.55
Loss - $0.30 on Calls

CME - This one stopped me out at 333, fell to 328+ and subsequently ran up to 348. That would have been a nice hold if I had the stomach for it. Oh well...
Bought @ 334.50, Aug 280 Calls
Stop @ 333.00
Sold @ 333.00
Loss - $2.65 on Calls

LEH - I took this off the table as it closed the gap.
Bought @ 19.29, Aug 17.5 Calls
Sold @ 20.50
Profit - $1.00 on Calls

POT - I went to pyramid this morning and was surpised to see that I had bought the Aug 170's and not the Aug 175's yesterday. The calls were up about $4 in the AM. I doubled up at 177 and again at 180.
Bought @ 169.28, pyramid @ 177, pyramid @ 180 - Aug 170 Calls

CALM - despite the lack in volume, I entered at 41.00. If that was short covering today, I'm not impressed. With over 100% of the float short, this one either spikes another $5 or will fall back hard. I already locked in some profits so I'm going to keep a mental stop around 41.00 and trail it as the stock hopefully moves up. It's in 52-week high territory so its difficult to determine a target.
Bought @ 41.00, Aug 35, 40 & 45 Calls
Sold @ 43.5, Aug 35 Calls to lock in profits
Profit - $2.40

SHLD - perfect consolidation day...pulled back to 88 (good time to double down, but I didn't) and close near the open.

WM - slowly moving up...no reason to sell yet.

3 comments:

Darwin said...

OE, picked up a few WNR Aug 35's...I think refiners have pounded out a bottom. Is that a pennant I see forming on WAMU?

Darwin said...

I meant WNR Aug 7.5's

OE Trader said...

I don't know what the heck is forming with WAMU. It was headed in the right direction before getting dragged down with AIG and financials. Regarding WNR, I'd rather wait to see WNR break 8. It is still trading below the trendline and the market is down 200 so you're fighting the tape. There will be plenty of time to enter if it is at the bottom.